A group of international investors with interests in Greece expressed their optimism on Friday to Greek Prime Minister Alexis Tsipras in relation to the Greek economy’s potential and prospects, as well as their concern that if the country fails to fulfill its obligations to the eurozone, it may face a dead end.
Prem Watsa, John Paulson and Wilbur Ross among others, representing international investment funds, were among the foreign investors who visited Athens to have a series of meetings with government officials, the Bank of Greece and the managements of companies in which they have invested.
The progress of the negotiations between Greece and its lenders as well as the Greek economy were the main issues of the discussions to held among the foreign investors and government officials.
The foreign investors, who have already invested mainly in the Greek banking system, expressed their confidence in the prospects of the Greek economy, provided that the government will complete the reforms as soon as possible.
Crucial parameter
The also stressed that the completion of the review will have a major impact on the economy, therefore time is a crucial parameter, as the earlier it is completed, the faster the economy will recover, they said.
The Greek prime minister briefed the investors about the government’s positions and actions to create a stable tax system, tackle bureaucracy and corruption and for multiplying investment opportunities by establishing political stability.
Ha also reportedly assured them of the government’s determination to proceed with the necessary reforms, with privatizations and the creation of an attractive environment for investments. He also told them that the bailout review will be completed by end-March.
The meeting also focused on the economic data pointing to a recovery of Greece’s economy, prevalent among them the successful recapitalisation of the country’s banks, the exceeding of budget targets for revenues in 2015 by roughly 2 billion euros and the stabilisation of the economy, with the short-term prospect of a return to growth.
Structural reforms
Among those present at the meeting were Prem Watsa of Fairfax Financial Holdings Ltd, John Paulson of Paulson & Co, Stephen Johnson of Wilbur Ross & Co, Jonathan Haick of Brookfield Capital Partners Ltd, Samir Parekh of Capital Research & Management Company, Ben Watsa of Lissom Investments, Lawrence Chin of Mackenzie Cundill, Jamie Lowry of Schroder’s Investment Management, Daniel Pozen of Wellington Management Company, as well as Nikolaos Karamouzis and Fokion Karavias of Eurobank.
Fairfax chief executive Watsa announced after the meeting that “we expressed our optimism for the long-term role of Greece within the eurozone and we reconfirmed our support for the prospects of the country. Fairfax sees significant investment opportunities in Greece, provided there is continued implementation of the necessary structural reforms in an environment of social and economic stability.”
Attending on the government side were the government Vice-President Yiannis Dragasakis and Finance Minister Euclid Tsakalotos.
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