Professional investors can review published thought leadership and market updates from the Argonaut Investment Team.

1 post found for December 2013

‘Argonauts return to Greece’

The Argonauts have returned to Greece, making our first investments in the country since 2006. Having lost €38bn from Greek government debt restructuring, the Greek banking sector has largely been recapitalised with new equity of €40bn1. This has also resulted in unprecedented large scale consolidation, with the four largest banks (Piraeus, Alpha, Eurobank and National Bank of Greece) now having a market share of 96%2 (compared to 55% pre-crisis)3. Not only do we think that there is an adequate margin…