Los hedge funds están sufriendo:
A number of hedge funds have made big bets on Greek banks, despite their thin levels of capital and nonperforming loans of around 50 percent of assets.
They include Mr. Einhorn at Greenlight Capital and Mr. Paulson, both of whom have invested and lost considerable sums in Piraeus Bank. Fairfax Financial Holdings and the distressed investorWilbur Ross own a large stake in Eurobank, one Greece’s four main banks.
Big positions have also been taken in some of Greece’s largest companies. Fortress Capital bought $100 million in discounted debt belonging to Attica Holdings, Greece’s largest ferryboat holder. York Capital has taken a 10 percent stake in GEK Terna, a prominent Greek construction and energy firm.
In 2014, Blackstone’s credit arm bought a 10 percent chunk of the Greek real estate developer Lamda Development. And Third Point, one of the earliest, most successful investors in Greek government bonds, has set up a $750 million Greek equity fund.
Many of these forays were made during the heady days of 2013 and early 2014, when the view was that, in a rock bottom global interest rate environment, risky Greek assets looked attractive, especially if the reform process continued.
Among the most dubious of these was a 10 percent equity stake, then worth about $137 million, that Mr. Paulson’s hedge fund took last year in the Athens water monopoly. The company had little debt and was set to be privatized, making it an attractive prospect at the time.
But the privatization process is now frozen and the monopoly is struggling to collect payment on its bills from government entities that are nearly broke, making it unlikely that Mr. Paulson will get much of his money back.
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