Fairfax Financial

Grivalia Hospitality's new ultra-luxury resort is opening its doors on November 11, after its formal launch on Monday afternoon in Glyfada, southern Athens, in the presence of Prime Minister Kyriakos Mitsotakis and Prem Watsa, head of Fairfax Financial and one of the largest investors in Greece.

Investors and financial analysts placed Greece halfway toward converging with the most developed economies during discussions on the second day of the Delphi Economic Forum on Thursday. Mapping out the next steps after stabilization and recovery, they converged on three pillars: stable government, investment grade and investment, along with reforms.

Greece has entered a virtuous cycle of growth, and the next few years will be especially beneficial to the economy and Greeks if political stability is maintained and business-friendly policies are implemented.

The Greek economy is "in an especially good position," local banks are "extremely well capitalized" and the country's debt will be upgraded to investment grade a few months after the elections.

Grivalia Hospitality is fully controlled by Prem Wax Fairfax, according to a Competition Commission statement.

A meeting on Friday between Greek Prime Minister Kyriakos Mitsotakis and Indo-Canadian billionaire investor Prem Watsa, head of Fairfax Financial Holdings, was "extremely cordial," sources said.

In an interview with Kathimerini, Indo-Canadian billionaire Prem Watsa, head of Fairfax Financial Holdings, expresses optimism that Greece can achieve a strong economic recovery in the coming years.

Apart from Eurobank and Grivalia Properties REIC, a Greece-based real estate investment company, Watsa has also invested in the Eurolife ERB insurance group and other companies.

Eurobank, Greece's third-largest lender, will acquire real estate company Grivalia Properties, a Eurobank official told Reuters on Sunday.

The deal will be a share-swap transaction and boost the lender's capital base by about 1 billion euros ($1.13 billion), the official said without giving the value of the deal.
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The president and chief executive officer of Fairfax Financial Holdings, Prem Watsa, said on a visit to Eurobank on Monday that "Greece has strong growth potential. To unleash this, young talent must stay in the country and be provided with the know-how and financial backing they need to flourish."

US multinational insurance corporation AIG is withdrawing from the insurance business in Bulgaria as part of its decision to leave several markets.

Earlier in October, it announced it would sell some of its Latin American and Eastern European businesses to Canadian company Fairfax Financial Holdings Limited.