New Europe

Investment Summary

Musings on Greece

The local equity market is among the worst performers globally, falling approximately 40% year-to-date, even after the recent bounce. This exceeds the declines of around 30% seen in the Italian and Spanish markets, whilst both remain epicenters of the outbreak in Europe. Furthermore, many Greek mid-caps have seen even greater share price declines, despite in most instances being less materially impacted than the financials and industrials heavy index.

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