Ross: Greece is a Kabuki show, not a tragedy

Greece's debt drama will play out more like a Japanese Kabuki show than a Greek tragedy, billionaire distressed asset investor Wilbur Ross, told CNBC on Tuesday.

Ross, who is heavily invested in the indebted nation's third largest bank, said he believed Greece would make a new debt deal with euro zone leaders.

"I think that the deal will probably be similar to what [European Commission President] Mr. Juncker had put forward last week before the talks broke off," Ross said. "And I think if there's a big change it probably would be in the form of some sort of debt concession to Greece. I don't think there's going to be a radical change from what was put on the table prior to the electoral vote," he added.

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As such, Ross isn't sweating the prospect of Greece stumbling out of the 19-member euro zone.

"All the polls I've seen show a clear majority of the Greek people want to stay in the EU. Now, it's also true that they don't want austerity and those two are logically inconsistent. But certainly the impetus of the vote was not to get out of the EU, and Mr. Tsipras made clear that that was not his intention either," he said.

Greece Prime Minister Alexis Tsipras promised voters a reforms-for-cash deal with creditors within 48 hours of Sunday's pivotal referendum, which had asked citizens to vote on whether to accept the terms of an existing international bailout offer.

A surprise 61 percent of Greeks voted against the proposals from creditors, which entailed austerity measures and many spending cuts.

"We're about halfway there now and I hope he will be able to keep his promise," Ross said.

Ross, who is part of a group of investors that poured 1.33 billion euros ($1.47 billion) into Greece's Eurobank Ergasias in 2014, is still hopeful that he can make money on his investment in spite of the increasingly precarious state of the country's banking sector.

Greece banks have been closed for more than a week to prevent an exodus of cash that could risk their collapse and are expected to remain shut until Friday, according to Reuters.

Ross, however, is unconcerned about the risk of a bank run when they do re-open.

"In the context of the deal there would be no reason for a big run on the banks. And I just don't think that that's in the cards," he said.

"Now if they don't make a deal, and you do have a collapse in the economy that could be a very different situation. But it doesn't feel to us as though that's what is going to happen," he added.

When asked how long it would be before he considered selling his stake in Eurobank Ergasias, Ross said it would be a while from now.

"The last quote on Eurobank stock was a tiny fraction of its book value just before they announced the moratorium and the suspension of trading. So certainly at any kind of price like that, one would be more sensible probably to be a buyer than to be a seller," he said.

Before the interruption of the bailout talks, Greek banks were making fundamental progress, Ross noted.

"Assuming the talks go through, the ELA [emergency liquidity assistance] money will become available to the banks that will get back to business like usual, and there will be a restoration of liquidity to the economy," he said

"You can't have successful banks without a successful economy, and you can't have a successful economy without successful banks. So their fates are inextricably entwined."



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