Global funds try to pro­tect lo­cal hold­ings

Kathimerini English - - Front Page -

Ma­jor for­eign funds with hold­ings in Greek listed firms – mainly banks – are keen to en­sure their losses are con­tained. Ahead of the bank re­cap­i­tal­iza­tions and fol­low­ing the ma­jor drop in stock prices last week, se­nior of­fi­cials have ar­rived in Athens to get a bet­ter idea of the gov­ern­ment’s in­ten­tions and try to pro­tect what is left of their in­vest­ments.

Kathimerini un­der­stands that as­so­ci­ates of John Paul­son, Wil­bur Ross and other well-known US in­vestors vis­ited Athens over the past week to dis­cuss the fu­ture of Greek banks and the econ­omy in gen­eral with se­nior gov­ern­ment of­fi­cials.

They may not have man­aged to see Deputy Prime Min­is­ter Yian­nis Dra­gasakis, but they did meet with Econ­omy Min­is­ter Gior­gos Stathakis. They asked him for some kind of pro­vi­sion that would pro­tect their hold­ings in Greek banks from an­ni­hi­la­tion when the re­cap process is con­ducted. It is not yet known whether the gov­ern­ment made any com­mit­ments in that di­rec­tion, only that there was “an un­der­stand­ing ex­pressed.”

Fund of­fi­cials have stayed in Athens to hold meet­ings with mar­ket and bank of­fi­cials too.

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