Foreign investors in talks with Greek officials

A group of foreign investors including Prem Watsa, John Paulson and Wilbur Ross, representing international investment funds, on Friday began a series of meetings with government officials, the Bank of Greece and the managements of companies in which they have invested.

Fairfax, owned by Prem Watsa, has invested in Eurobank, Grivalia Properties, Praktiker Greece and Mytilineos Group. It was recently investment in Eurolife, after an agreement signed between Eurobank and Fairfax to buy 80 pct of the insurance company. Following a recent successful recapitalization exercise, Fairfax raised its equity stake in Eurobank’s equity capital to around 17 pct, from 12 pct before the recapitalization.

Paulson & Co, owned by John Paulson, has equity stakes in Piraeus Bank (around 9.0 pct after a recent recapitalization), in Alpha Bank (around 7.0 pct) and in Athens Water.

According to sources, Prem Watsa has already completed a meeting with the managements of Eurobank and Grivalia Properties, underlining the need for a swift completion of the first review of the Greek economic adjustment programme, thus sending a message of stability to the international investment community.