Haircut undone? The Greek drama and prospects for investment arbitration

As a result of the sovereign debt crisis that engulfed Europe in 2010, investors are much more likely to pursue dispute resolution options when faced with losses. This paper seeks to examine the position of investors who suffered losses in the Greek haircut of 2012 in the context of investment treaty arbitration. The paper evaluates arguments that investments in Greek sovereign bonds have been expropriated by the introduction of retrofit CACs and that compensation is payable as a result of the protections offered by BITs. The paper investigates whether sovereign bonds come within the definition of protected investment in BITs, assesses the degree to which CACs act as a jurisdictional bar to investor-state claims and attempts an evaluation of whether claims could be successful. The analysis uses as an illustration recent cases brought against Greece at ICSID. The paper concludes by considering whether the Greek haircut was expropriatory and reflects on the possible outcome of current arbitrations.

Antioxidant activity of selected phenols and herbs used in diets for medical conditions.

The antioxidant capacity of some herbs used in dietology practice was determined by the DPPH free radical method, which was calibrated with ascorbic acid. Partially hydrophilic phenolic compounds are the most active compounds in plants, and therefore water was used as the extraction agent. Besides antioxidant capacity, the content of total phenolic compounds was also measured and a strong correlation between these two variables was found. The extracts of lemon balm (Melissa officinalis L.), peppermint (Mentha x piperita L.), oregano (Origanum vulgare L.), Greek oregano (Origanum heracleoticum L.), sage (Salvia officinalis L.) and winter savory (Satureja montana L.) showed very significant activity. It was comparable with the activity of green tea in the case of oregano and peppermint. Lower activity was observed in the case of rosemary (Rosmarinus officinalis L.), marjoram (Majorana hortensis), hyssop (Hyssopus officinalis L.), sweet basil (Ocimum basilicum), and lovage (Levisticum officinale Koch.). The inhibitory activity of the herb extracts was monitored also during the autooxidation of lard. Very high antioxidant capacity was observed mainly in sage samples, but also in marjoram and Greek oregano. The extracts of peppermint, oregano, rosemary, winter savory, lemon balm and hyssop showed middle activity comparable to that of alpha-tocopherol. The antioxidant capacity of sweet basil and lovage was insignificant.