Prem Watsa notes ‘significant’ opportunities if Greece sticks with reforms

Fairfax sees “significant investment opportunities in Greece,” if the country sticks with a programme of reforms, Fairfax Financial Holdings Chief Executive Prem Watsa said on Friday, in an upbeat statement after his meeting with Greek Prime Minister Alexis Tsipras in Athens.

“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,” Watsa said, noting that the meeting had focused on the Greek economy and the challenges this faces going forward.

He said that Fairfax was a “long-term investor” that had strong faith in the Greek economy’s potential and the abilities of the country’s human capital.

“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,” he said.

He announced that Fairfax will continue expanding its investment in Greece, not only through Eurobank – where it recently increased its stake through the recapitalisation of Greek banks – and its investment in Grivalia Properties, Praktiker and others, but also through the recent acquisition of the Eurolife Insurance, thus entering a sector “in which we have extensive experience and see great prospects.”