Greece: US investors plan creation of a Hellenic hedge fund

12 April, 10:52

    (ANSAmed) - ATHENS, APRIL 12 - International investors are increasingly convinced Greece is about to emerge from its crisis and are eager to invest in the Greek success story, which would provide the local economy with some desperately needed capital when implemented, as daily Kathimerini reports. Investor Daniel Loeb's global fund management company Third Point LLC is proposing to its members the creation of hedge fund exclusively for Greece under the name Third Point Hellenic Recovery Fund, which will invest in local firms under restructuring and in Greek assets. Loeb has earned billions of euros through his purchase of Greek bonds following the assurance of the eurozone in September 2012 that it would not allow Greece to crumble.

    Bloomberg reported yesterday that in his quarterly letter to Third Point shareholders, Loeb stressed that he is convinced Greece will stage a dynamic recovery and that he intends to participate in the rebound both as a bondholder and through private equity investments. Among the investments it has examined is gaming company OPAP. Third Point has reaped yields of 21% from Greek bonds whose price has risen considerably in the last six months, and joins US firms including Oaktree Capital Group LLC and Fortress Investment Group LLC in searching for bargains in Greek assets. (ANSAmed).

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