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Financial Times: Investors Return to Greece

Euro in Greek flag“As confidence in the eurozone has risen, investors have returned to Greece,” says a recent article by Financial Times entitled “Greece: hit or myth.” According to the article the Hellenic Telecommunications and Public Power Corporation (PPC) have both returned more than 900% over two years while the Organisation of Football Prognostics (Opap) has returned more than 300%. 
“The fundamentals support this view.” says the article.  The Greek economy has dropped 24% since 2009 and consumption remains depressed. Unemployment has reached record levels. Privatizations show signs of life but are still threatened by political volatility. 
The article states that although these are vital issues for the longer-term health of Greece, “they should not blind investors to the potential for short-term gains.” “Putting aside the most popular Greek risk trade – its banks – utilities such as Hellenic Telecom and PPC have seen their earnings halve in the past five years, twice the economic contraction.” the article continues.
The Greek economy will not return to pre-crisis levels for a long time. However, with growth expected in the second half of the year there is still a possibility that earnings will rise from a low base.
The article concludes that this has been a very successful year for the Greek market. “But those willing to make careful team selections can still bring home a prize.”

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