"Fundos abutres" vs. Estados nacionais: soberania e atuação do tribunal internacional do direito do mar a partir do caso da fragata libertad

Abstract

The goal of this paper is to analyze the role of a specific kind of hedge fund, known as vulture fund, considering the main aspects of its emergence and strengthening, especially in Latin America. The research was structured in a theoretical and practical approach, through the analysis of the seizure of the Argentine frigate ARA Libertad. This leading case is used as a frame to the presentation of some important contemporary academic debates, especially those referring to the binomial sovereignty-autonomy of will, and the articulation of these reections with the role of the International Tribunal for the Law of the Sea (ITLOS), as a possible locus for peaceful settlements. In that way, the study presents some results for the hypothesis that vulture funds undermine State autonomy in two dimensions economic governance and immunity from jurisdiction. On the other hand, the paper suggests some counterpoints on the fragile link between State supremacy and its position as an active subject, highlighting some gaps in reaching an equitable solution. Finally, the originality of the present work consists of departing from a specic and utmost case, which corresponds to a current debate on a possible new foreign debt crisis, and linking it to issues relating to governance and grounding principles of International Economic Law. [PUBLICATION ABSTRACT]