Mensajepor CHIQUI1 » Lun Oct 07, 2013 11:26 am
Paulson hedge funds backing recovery in Greek banks
07-Oct-2013 04:28
ATHENS, Oct 7 (Reuters) - Funds run by billionaire investor
John Paulson see Greece's recapitalised banking sector as an
attractive investment play on the country's recovery after a
deep six-year slump.
Encouraged by Greece's rising exports and a rebounding
tourism sector, U.S. hedge fund group Paulson & Co expects the
protracted recession to bottom out this year and begin recovery
in 2014.
Paulson, whose moves are closely watched ever since he
earned billions by betting against sub-prime mortgages, said in
a statement: "We think Piraeus <BOPr.AT> and Alpha <ACBr.AT>,
two banks we have a position in, are now very well capitalised
and poised to recover.
"They have good management and we think the Greek economy is
improving, which should benefit the banking sector."
Greece's bank rescue fund, the Hellenic Financial Stability
Fund (HFSF), pumped 25 billion euros ($34 billion) into the
country's top four banks - National <NBGr.AT>, Piraeus, Alpha
and Eurobank <EURBr.AT> - to shore up their capital adequacy
after losses from a sovereign debt writedown.
The HFSF, funded with 50 billion euros from the country's
bailout, is now the majority owner of all four banks.
Greek bank stocks <.FTATBNK> have lost 29 percent so far
this year, underperforming the broader Greek equities market
<.ATG>, which has scored gains of 18 percent.
The FT reported on Sunday that Paulson and other U.S. hedge
funds, including Baupost, Eaglevale, Falcon Edge, York Capital
and Och-Ziff are investing in Greek banks, citing unnamed
sources. [ID:nL4N0HW0DV]
($1 = 0.7355 euros)