Let
T
≈
C
∗
×
C
∗
T \approx {{\mathbf {C}}^\ast } \times {{\mathbf {C}}^\ast }
act meromorphically on a compact Kähler manifold
X
X
, e.g. algebraically on a projective manifold. The following is a basic question from geometric invariant theory whose answer is unknown even if
X
X
is projective. PROBLEM. Classify all
T
T
-invariant open subsets
U
U
of
X
X
such that the geometric quotient
U
→
U
/
T
U \to U/T
exists with
U
/
T
U/T
a compact complex space (necessarily algebraic if
X
X
is). In this paper a simple to state and use solution to this problem is given. The classification of
U
U
is reduced to finite combinatorics. Associated to the
T
T
action on
X
X
is a certain finite
2
2
-complex
C
(
X
)
\mathcal {C}(X)
. Certain
{
0
,
1
}
\{ 0,1\}
valued functions, called moment measures, are defined in the set of
2
2
-cells of
C
(
X
)
\mathcal {C}(X)
. There is a natural one-to-one correspondence between the
U
U
with compact quotients,
U
/
T
U/T
, and the moment measures.