“Greece is in an excellent position, it has overcome the difficulties and has entered an even cycle of development” said Mr. Vatsa
The praise of the Greek economy said its president and CEO Fairfax Financial Holdings, Prem Watsa.
“Greece is in an excellent position, it has overcome the difficulties and has entered an even cycle of development” said Mr. Watsa in his intervention at 8th Delphi Economic Forum, which takes place in Delphi April 26 – 29 and is under the auspices of A.E. of the President of the Republic, Mrs. Katerina Sakellaropoulou.
Speaking online with the journalist of Proto Thema, Stelios Morfidis, the president and CEO of Fairfax Financial Holdings, argued that for the next four to five years the prospects are good, but political stability and a friendly attitude towards entrepreneurship are needed. “Greece is quite small and comes from a very low base, that’s why it’s the best stock market in the world” he pointed out.
He referred to investment grade noting that is important for Greece and estimated that a few months after the elections the country will be able to conquer it. He noted that the country has a good financial position, the debt has decreased and the government has a significant liquidity cushion. S&P spoke of the best debt profile in Europe, while debt to the private sector is small.
He emphasized that Greek banks are strong, and especially for Eurobank, in which he has invested, he said that last year it had a profit of one billion euros. “I am not thinking of selling a single share of Eurobank, I believe it will perform exceptionally well. We will stay in Greece for a long time” said Mr. Watsa, without however revealing what the group’s next investments will be. Finally, when asked about the risk that the banking crisis in the US could hide, he clarified that you can never be sure, however the strong evidence available to Greece minimizes the risk.
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