The threat of Grexit

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When the European sovereign debt crisis started in 2009 we followed the unfolding of events closely and profited on both our short and long positions generating double digit returns versus benchmark in 2011 and 2012. As part of this, in 2015 there was substantial noise around a potential exit by Greece from the eurozone. Contrary to market consensus at the time, and after significant spread tightening, we believed that Greece offered substantial value versus its peers. Our in-depth discussions with the Greek political party, Syriza and the European Parliament in Brussels we took a definitive stance and our position generated significant returns for our clients.