Is Now a Good Time to Buy Greek Assets?
Five years after handing Greece the biggest sovereign-debt write-off in history, European policy makers have come full circle to the point they had all hoped to avoid: a real discussion on debt relief. Despite all the efforts to shrink Greece’s debt since the start of the financial crisis, the country’s economy has shrunk faster, so its obligations have become increasingly onerous. With the country’s debt-to-gross domestic product almost 70 percent larger than it was in 2008, the International Monetary Fund is insisting that more restructuring is required to make the nation’s finances sustainable. With almost all Greece’s debt now held by official lenders, it’s taxpayers who will be footing the bill rather than investors. Hermes Investment Management CEO Saker Nusseibeh discusses with Bloomberg's Anna Edwards in London and Manus Cranny in Dubai on "Countdown."