E¶.A¶. A¶.TO¶. TO¶.AYT. AYT.¶EP. ¶EP.AN. AN./ R.DEC. / R.DEC.ADM. ADM.LOC. LOC.DEV. DEV.REG. REG./ R. / R.DEC. DEC.LOC. LOC.GOV. GOV.REG. REG.DEV. DEV. E¶.
GENTRIFICATION Types Intervention, TheDefinition, Greek Haircut and theof positions of Investors1
Definition, of intervention, ConcernsTypes of Gentrification By Argyrios BENTENIOTIS Attorney at Law, Concerns
LLM International Law,M. Sc. Human Resources Management, PhD Candidate
By Mr. George-Sp. C. ATHANASOPOULOS Harvard University, Graduate School of Design, Student, A Collective Action Clause (CAC) leaves C. theATHANASSOPOULOS supermajority of By Mr. George-Sp. Architect bondholders to conclude to a debt restructuring, which binds in legal Student of the School of Architecture Technical Universitytoof Crete terms all the bondholders even if they have not agreed the
restructuring.2 In 2012 the Greek Government introduced a retrofit CAC 1. Introductory approach: Defining the concept with1. Introductory a threshold of 75% Defining with thetheencouragement concept (444 BC -of370International ANTISTHENIS,approach: the ancient Greek philosopher, BC, Athens), 3 Under Monetary Fund (IMF) and the European Central Bank (ECB). the ANTISTHENIS, the ancient Greek philosopher, BC -“principle”: 370 BC, Athens), among other wise heritage he left us, he established(444 a great the International Investment Protection Law point of content view there is an issue among other wise heritage he leftthe us,definition he established a great the acquisition of knowledge starts with of the of“principle”: concepts. arising from losses that the had, as many ofofthem doterm not acquisition of the knowledge starts withinvestors theindefinition the content concepts. Based, therefore, on this “principle” a first, if of not final, approach, the 1 (and Based, therefore, on this “principle” inindicated a first, if (in notthe final, approach, term want to rely onurban payments on Credit Default Swaps totheseek gentrification) is area ofbut Planning) (or gentrification 1 (and urban 4 gentrification gentrification) is indicated (in the area of Planning) (or Sociology as well), as the “refining” of a city area, the removal from this, (in various compensation instead. The bondholders, that did not wish the debt Sociology as well), as the “refining” of a city area, the removal from this, (in various ways), of social groups, of low-income andthe the value placement there of artists, restructuring which usually by definition reduced of the bonds and ways), of social groups, usually of low-income and thethis placement there of artists, the operation of art galleries, restaurants, etc. However “change”, regardless of 5 could be seen as violation of obligations under BITs , would try to get the operation ofconsequences art galleries, restaurants, etc.also However this “change”, regardless of whatever other has, results rising of land prices (and the compensation for their losses.has, Even, the investors who agreed with the whatever other consequences results also rising of land prices (and the potential relative speculation). swap could pursue claims in the basis of a discriminatory treatment as potential relative speculation). The term gentrification is found at first in the UK in early 1960s and it refers to other lenders such as and ECB didinnot analogous haircut on The term gentrification found atpeople first the UK in early 1960s and itareas refers the then observed trendIMF ofiswealthy to accept buy property in poor ofto
the then observed trend wealthy sometimes people to there buy property in poor areas London, upgrade them, stay of themselves and thus old residents areof London, upgrade them, stay themselves sometimes there and thus old residents are being indirectly “squeezed”. being indirectly “squeezed”. A description of this phenomenon is included in the work of Sociologist Ruth A description ofarticle this phenomenon is situations included inwere theInvestment work of Sociologist Ruth GLASS1at same period, recorded in other major Thethe present is while part ofsimilar the thesis titled “How Law disciplines GLASS at the same period, while similar situations were recorded in other major cities Western countries, by otherand Researchers. states’inpossible responses to financial economic crises. From Argentina to Greece and cities inelaborated Western countries, byInternational other Researchers. Since then, the has preoccupied andCollege for itsLondon more Cyprus” forissue the LLM Lawseveral Programscholars of University Since then, the issue has several below, scholars andthe for various its more (UCL). comprehensive approach arepreoccupied being summarized from 2 comprehensive approach being summarized from the various Collective Action are Clauses (CAC) http://www.nasdaq.com/investing/ interpretations of the phenomenon of gentrification, thebelow, following: interpretations the phenomenon thecategory following: glossary/c/collective-action-clause accessed 18 Augustof2014. In a sense, theof phenomenon is dueof togentrification, a trend a new of social groups 3 MatinaStevis, ‘2nd UPDATE: Greece To Introduce Retroactive Action to “return” to the city, leaving the purlieus for several reasons: highCollective costs in money Clauses-Source’, (The Wall Street Journal, 9 January 2012) and time to travel from the purlieus to downtown, where work place is, lack of the accessed 9 August 2014. http://online.wsj.com/article/BT-CO-20120109-710447.html 1. The term comes from Sociologist Ruth GLASS, 1912-1940. Ruth GLASS was born in sense of4safety at the distributed residencies outside town centres, search for better Berlin, where she made her first studies.vs. In 1932 she published importantand entitled: Ioannis Glinavos, ‘Investors Greece: The heart Greekan Investor services of health, education, entertainment “at the of'Haircut' the city”,study (possibly) Youth Unemployment. The same year she left Germany and after continuous movements for accessed 9 August Arbitration Under BIT's’ (2012), http://ssrn.com/abstract=2021137 lower living cost of, in “withdrawal” from private access markets, etc.where studies and research Geneva, Prague, London and car Neweasier York she came to back to London, 2014. in According 1943 she published studies regarding cityphenomenon planning. In 1950 sheto became teacher in the to another approach, the is due a systematic and 5 University CollegeGlinavos, of London, where she continued her social research. Her public and Ioannis ‘Haircut Undone? The Greek Drama brokers and Prospects for long-term informal effort by organized groups, manufacturers, ofaction buying her work areArbitration’, characterized(Journal by a passion for justice. SeeDispute also: COLLINS ENGLISH DICTIONARY. Investment ofdepreciation International 11 Juneweb, 2014) and selling realCOLLINS estate, etc., for the initially ofSettlement, part of the urban in 10th edit. Wil. SONS AND Co Ltd. London 2009. WIKIPEDIA: The Free Encyclopedia: accessed 9 http://jids.oxfordjournals.org/content/early/2014/06/11/jnlids.idu008.full G. ALEXANDRI: http://www.uncanny.net/ wetzel/gentry.htm a Gentrification: variety of ways, in order Abstract. to achieve the “assisted”, “voluntary”, (actually August 2014.
149 2521 11