2013-10-08cnbc.com

John Paulson and a clutch of bullish U.S. hedge funds are leading a charge into Greek banks, confident that Greece, long seen as the weakest economy of the euro zone periphery, is on the turn.

Such is the strength of their interest that Greece's big banks are now lobbying the government to consider expediting re-privatization of the long-troubled sector. Mr Paulson, best known for his successful wager against the U.S. sub-prime mortgage market in 2007, praised Greece's "very favorable pro-business government".

And in somewhat related news: [Greek] Labor Ministry contemplates confiscations:

The Labor and Social Insurance Ministry is seriously considering drastic measures in order to obtain the social security contributions owed by enterprises and to avoid having to slash pensions and benefits.

The ministry is planning to force companies to pay up or face having their assets seized, so that the 14 billion euros of contributions due can be recouped.

While this amount -- equal to 8 percent of the country's gross domestic product -- may be easy to calculate on paper, it is virtually impossible to collect even if the state attempts to confiscate all the real estate properties of debtors and the debts of third parties to them.



Comments: Be the first to add a comment

add a comment | go to forum thread