By Lefteris Yallouros – Athens
Swiss global financial services UBS representatives visited Athens, Greece Tuesday along with about twenty prominent clients in order to discuss business deals in the Greek capital.
UBS staged a road show in which twenty large investment funds will take part. Officials from the funds will meet with the management teams of twelve Athens – listed companies on Wednesday including lottery giant OPAP, Coca Cola, Motor Oil and Mitilineos.
Furthermore, fund managers will meet with Greek Assets Development Fund CEO Yiannis Emiris and deputy development minister Notis Mitarakis. On Thursday, meetings have been scheduled with finance minister Yannis Stournaras as well as the managements of Hellenic Petroleum, Alpha Bank, Piraeus Bank and the National Bank of Greece.
Meanwhile, UBS analysts say in their latest report on Greece that they expect the economy to return to growth in 2014. UBS also estimates recession this year will not be as high as first expected (-4.5 pct) but will run at 3.9 pct of GDP instead.
According to the same report, Greece’s economy is on track to a budgetary primary surplus at the beginning of 2014. Finally, it stresses that the country’s debt will need to be cut by as much as 4 pct through debt relief in order to reach the debt target of 124 pct of GDP by 2020, as outlined in the country’s adjustment program.