This article is authored by MOI Global instructor Raphael Moreau, fund manager at Amiral Gestion, based in Paris.

In 2019, Greece came back on the radar of global investors as pro-market Kyriakos Mitsotakis got elected as Prime Minister. Over the last decade, the country has dramatically suffered from a lot of self-inflicted pain alongside very demanding European partners on budgetary measures. Over the last years, we’ve been travelling many times to the country in a period when investor interest was at record lows and company roadshows almost inexistent. We thought about sharing our experience with MOI readers and draw some conclusions, as investing in Greece during this period was in a way looking like investing in an emerging market with a European Union touch.

This experience is certainly not exhaustive as we have stayed away from the most complex situations like banks or politically dependent businesses like Lamda Development. We have also not discussed more recent additions to our portfolio.