Grentry

Is the smart money heading to Greece?

As Greece passes its latest austerity budget and raises money in the bond markets, are direct investors from Asia looking at the country again? The head of the country’s largest investment holding company says they are.
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Piraeus: Cosco invested in the local port in 2009
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<div style="text-align: left;"> Piraeus: Cosco invested in the local port in 2009 </div>

Asian investors have learnt many things since the Asian financial crisis. But perhaps most important is that it is vitally important to be able to buy at the bottom. There are few countries in the world where assets have bottomed as much as Greece. The stock market is down 84% from its pre-crisis highs, economic output has shrunk by 25% and unemployment has soared.

And yet, just whispering on the breeze is the suggestion that the smart money may be coming back into the country. Reports of hedge funds buying up Greek bonds have been doing the rounds for some time. Equity investors have pushed the Athens Stock Exchange index...

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