Friday, April 24, 2015

Fairfax optimistic about prospects of a Greek debt deal

April 23, 2015

Fairfax Financial Holdings , which bet on the success of a Greek turnaround last year, said on Thursday it is confident that Greece will reach a deal with its counterparts in the euro zone and remain a part of the currency bloc.

Fairfax last year became a key player in the bailout of one of the country's largest lenders Eurobank, after it bought a 13.6 percent stake in the bank. The Toronto-based firm recently boosted its position in the bank further, even as Greek banks suffered deposit outflows in the face of fears over the Greek government's extended standoff with euro zone partners over reforms.

"We believe a compromise will be reached," said Fairfax CEO Prem Watsa, who is a well known contrarian investor. "We meet with government officials routinely. We believe Greeks want to stay in the Euro group and that within that construct they are trying to do the best deal possible for the people of Greece."


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