Odey's Al-Chalabi: Euro equities recovering from 2011 nadir

European equities reached their nadir in 2011 and the market will improve from here, says Odey's Feras Al-Chalabi.

Speaking at Investment Week's Global Fund Manager Forum, the portfolio manager of the CF Odey Continental European fund said the game-changer was the LTRO injection on 21 December 2011. This provided much-needed liquidity to the banks and stabilised the European economy, he said. "My niece has a massive student loan. She needs time to pay it back and a bit of liquidity along the way so life is not too miserable. This is what we are seeing in Europe," he said. Meanwhile, the recent recapitalisation of Spanish banks has saved them from the humiliation of revealing their bad debts and ad...