- Funds run by John Paulson have joined those of Baupost, Eaglevale, Falcon Edge, York Capital, and Och-Ziff in investing in the recapitalized Greek banking sector, reports the FT.
- "We think Piraeus (BPIRY.PK) and Alpha (ALBKY.PK +12.9%), two banks we have a position in, are now very well capitalized and poised to recover," says Paulson in a statement. Encouraged by rising exports and a rebounding tourist sector, Paulson expects the economy to bottom this year and begin recovery in 2014.
- Also among those recapitalized by the Hellenic Financial Stability Fund is National Bank of Greece (NBG +12.9%). The Greek ETF (GREK +3.3%).