Greek Tragedy for one hedge fund is not enough stocks to buy

29 March 2019
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Amber Capital is so bullish on Greece that it only wishes there were more stocks it could buy.

“I’m super optimistic about the Greek economy,” Joseph Oughourlian, who founded the $1.8 billion asset manager in 2005, said in an interview in London. “It’s got all the catalysts in reverse versus a lot of the countries — not just in Europe, in the rest of the world. It’s got populism receding, it has the economy in a very, very strong footing, it’s got incredibly strong fundamentals.”

Oughourlian is among bulls betting that the euro debt crisis’s poster child is now the midst of a supercharged recovery after years of recession, austerity and standoffs with the European Union. Greece’s stock benchmark has jumped 17 percent in 2019, set for its best start to a year in two decades and trumping European shares’ 12 percent gain. Last year, the nation recorded the strongest economic growth since 2007, and speculation is growing that the more market-friendly opposition could replace the populist Syriza as soon as May.

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