Last Sunday evening, a total of 100 people gathered at a private club on the ground floor of the cosmopolitan Hakkasan Mayfair Hotel in Berkeley Square, London, including Greek corporate executives and foreign fund managers. Despite the fact that the call of the Greek stock market coincided with the time of the Spain-Germany match, the attendance was high. Thus began the introduction of large Greek groups to new investors, as well as a reunion with familiar investment houses from the past.

There was a lot of talk and discussions revolved around the risk of the world economy slipping into recession, higher central bank interest rates, as well as scenarios for Greek elections and Financial Stability’s stakes in Greek banks. Fund. The atmosphere was relaxed and, despite the strict dress code, everyone was in a good mood. Of course, the Christmas atmosphere, which already reigns on the streets, in offices and shop windows of the British capital, helped in this.

The next morning began in a special building for such events at 25 Cabot Square, Canary Wharf, Hellenic Investment Conference, organized by Morgan Stanley and the Athens Stock Exchange in conjunction with Alpha Bank, Eurobank, National Bank of Greece and Piraeus. Bank.

The curtain opened with a debate by Greek Prime Minister Kyriakos Mitsotakis, one of the few times in history that a prime minister has participated in such an event, with the head of Morgan Stanley International and host Frank Petitgas.

There are fund managers in the room, well-known names from international investment firms such as BlackRock, Pimco, Amundi, Norway’s sovereign wealth fund, and Capital Group.

The latest, for those with memory, is the investment house whose head of Europe, Jörg Sponer, sent an infamous email to his partners and clients in November 2014 urging them to liquidate their positions in Greece following his meeting in London with prominent leaders of the SYRIZA government of that the time of Giorgos Statakis and Giannis Milios.

Elections were the dominant theme at the Hellenic Investment Conference.

In total, discussions with the prime minister, his chief financial officer Alexis, involved 96 different international institutional investors with around $30 trillion in assets under management, according to the Britons who organized the event. Patelis, as well as the heads of four systemically important banks, as well as the heads and top managers of the other 20 or more large Greek banks listed on the stock exchange.

According to Morgan, the conference was attended by 280 foreign and Greek investors who held 527 one-on-one meetings with Greek listed companies.

So what was discussed on Monday and Tuesday in Cabot Square and what on Monday evening at a dinner hosted by Morgan at Mayfair’s exclusive The Arts Club? Of course, the topic of elections was dominant in almost all discussions. The Prime Minister was also asked about this, and he, in particular, said that he was optimistic “that we will form a self-sufficient government, and after the elections I expect a new explosion of investment, because we have four years ahead of us.” us”.

He also assured that the possibility of double elections should not worry investors. “Because the second polling stations will be organized very quickly, after the first. There will be a period of weeks between two election campaigns, not months, maybe four, five, six weeks of an interim government.”

Indeed, speaking with people who also participated in closed meetings, one understands that there is no particular nervousness of Greece in relation to other election contests and that this time investors simply want there to be no long period without the government.

They see opinion polls and believe that in any case, the New Democracy will be the central authority,” the administrator of the foreign house, who participated in many discussions, tells K. This line was followed by the majority of the Greek participants, who were repeatedly asked about it.

Emphasis is placed on bank dividends and energy

Having collected the testimonies of many participants, it is possible to highlight the main issues raised by foreigners to the Greek side, business and government. At first, the banks and the prime minister’s financial adviser, Alexis Patelis, were bombarded with questions about the possible formation of new problem loans, the distribution of dividends (it was hinted that this could be possible in 2023), the prospects for profitability, and the way in which HFSF will refuse to invest in banks.

As well as what is happening with Arab funds that want to buy the percentage of the National Bank. The government has not ruled it out, but has included it in a broader process that the HFSF has begun with its advisors. Questions were also raised about plans to improve the quality of banks’ regulatory capital and move away from deferred taxation.
The energy sector was given particular importance both in terms of investments in renewable sources and in terms of international alliances for integration into energy networks and hydrocarbon deposits.

The Greek side also talked about the good situation in which the checkpoint is now located and, thus, can be a potential strategic weapon of the country.

Kyriakos Mitsotakis and Alexis Patelis were also asked about the government’s priorities for an answer that included the importance given to education, health care, justice, the capital market, investment promotion and overall reform efforts.