Hedge-fund managers and investors expect Greece to remain in the euro area after they “war-gamed” the crisis in a 90-minute role-playing exercise at an industry conference in Monaco.
Six teams representing the European Union, the Greek, German and U.S. governments, the International Monetary Fund and the European Central Bank conducted the simulation on Tuesday, Eleanor Bates, conference producer at the International Centre for Business Information, which organizes the annual Gaim event, said in an interview.
Euro-area finance ministers are meeting for the third time in a week on Wednesday to try to secure an agreement to avert a Greek default, which risks its exit from the single currency. Officials said this week the Greek government is finally getting serious about striking a deal after submitting a set of proposals that began to converge with the terms demanded by creditors.
The role-playing exercise was led by political-risk consultant John Hulsman. It was held at the end of the second day of the conference in the Mediterranean principality, which was attended by about 400 hedge-fund managers, investors and service providers, Bates said.
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