Wilbur Ross, hedge fund Greenlight Capital still holding Greek exposure
REUTERS 9:41 AM ET 6/29/2015
NEW YORK, June 29 (Reuters) - Contrarian investor Wilbur Ross was sanguine about the situation in Greece, where he has invested heavily in one of the country's largest banks.
"We think eventually it comes around," Ross said on CNBC Monday morning. Asked if that could take as long as five years, Ross said: "No. I don't think so. You'd be surprised how quickly a country can come around."
Nevertheless, Ross agreed the Greek economic situation was dire. "Greece is going into a strong recession or even a depression."
"I can afford the loss," he said. "The Greek people cannot."
Ross led a group of investors who invested about 1.3 billion euros into Eurobank Ergasias, the country's third largest bank.
Hedge fund Greenlight Capital, overseen by widely followed investor David Einhorn, also has kept his exposure in Greece though the holding is "minimal," a person familiar with the matter said.
In early 2014, Greenlight added to an existing stake in Greece'sAlpha Bank, with an initial position taken in Alpha Bank sometime during the second quarter of 2013 when the stock was near its lows. At the time, Greenlight participated in the recapitalization of Alpha Bank and Piraeus Bank, according to an investor letter. (Reporting By Dan Burns and Jennifer Ablan)
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