“Greek Renaissance at last” proclaims a research note on banks and the economy from Bank of America this July.
It is the sort of gushing missive, complete with allusions to early modern philosophy and ancient Mediterranean history, that immediately sparks scepticism.
Greek banks are indeed back on the map for big international institutional investors, just as the country’s non-performing loan market is attracting more interest too.
The likes of BlackRock and Norway’s sovereign wealth fund participated in yet another post-crisis capital raising by Piraeus Bank in April, which Piraeus followed by issuing Greece’s first additional tier-1 bond issue.
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