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Time To Get Over Your Myriad Of Reasons Not To Invest In Greece – by Michael Carino

Courtesy of ZeroHedge. View original post here.

Human beings are flawed in many ways. One flaw is the desire


to act in a repetitive manor, not adjusting and evolving as conditions change. Those


that can change prosper and those that don’t, well, sometimes it doesn’t turn


out so well.  Greece has been stuck in a


repetitive negative feedback loop for almost a decade.  Yes, many of their problems are self-inflicted


wounds.  But the patient that has been in


a coma then moved to life support just left the hospital with a clean bill of


health.  It seems most investors are preoccupied


or refuse to pay attention, preferring to remain soured to the Greek markets


after being disappointed time and time again.

With today’s conclusion of the Eurogroup meeting of the


Eurozone’s finance ministers and the IMF in Luxembourg, Greece secured the


final $9.5 bn loan installment officially putting an end to their financial


crisis.  The IMF has signed on board as


well with their level of commitment to be determined pending conclusion of


long-term debt relief. Eurogroup Chariman Jeroen Dijsselbloem said today’s


agreement is “a major step forward” that will lead to Greece’s conclusion of


its support program in 2018.

The Eurozone also agreed on debt relief linking debt


repayment to its rate of growth as well as deferring and extending repayment of


$145 bn of loans – or around half Greece’s debt – by up to 15 years.


Additionally, the Eurogroup will specify further debt relief measures by July


27
th.  This is a precondition


for the IMF’s participation.

Believe it or not, with today’s meeting, Greece has decided


to steer the country in the direction of stability and prosperity.  The political landscape is, dare I say it, stable


for the foreseeable future.

Unbeknownst to many investors, the Greek main benchmark


index, the ASE is one of the top performing equity markets so far this


year.  It is up approximately 23% year to


date.  I know, I know, how and when did


that happen.  Though this sounds great,


the index is still off around 85% from its peak in 2007.  Some Greek companies can still be found


trading around 20% of asset value.  There


are many equity markets currently trading at historically expensive levels over-crowded


with heard like investors.  Get over your


preconceived notions that nothing positive will come out of Greece.  It’s time to acknowledge the progress and


positive developments and start a list of reasons to invest in Greece.

 

by Michael Carino, 6/15/17

Michael Carino is the CEO of Greenwich Endeavors, a


financial service firm, and has been a fund manager and owner for more than 20


years.  He is optimistically invested in


Greek equities.

 

    


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