Ahead of the curve? Paulson takes stakes in Greek banks

Hedge fund manager John Paulson is backing a turnaround in the Greek economy by taking positions in some of the country's largest banks.

Paulson (pictured) and other hedge fund managers have bought in to the Greek banking sector and are pushing for a faster reprivatisation of some of its leading players, according to reports. The high-profile investor told the Financial Times he has "substantial" stakes in Piraeus and Alpha, both of which are 80% owned by the government following a fresh round of recapitalisation earlier this year.  The sector has long been avoided by investors because of the fragile state of the wider Greek economy, forced to accept a series of bailout deals in recent years. Greek banks suffered s...