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Top hedge funds bet on Greek banks

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TSome of the world’s leading hedge funds are pouring money into the Greek banking sector in expectation of huge potential returns, even as the country struggles to right its economy in the face of deep government spending cuts.

According to F.T Farallon Capital, York Capital Management, QVT Financial and Dromeus are among hedge funds that are set to participate in the recapitalisation of the country’s banks.

The hedge funds are among the largest institutions involved in a €550m share issue from Alpha Bank, Greece’s second-largest lender, set for completion in mid June, said people familiar with the plans.

Others understood to be looking at bank investments include Third Point, which last year made $500m by snapping up cheap Greek government bonds and CQS, Europe’s largest credit hedge fund. 
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