ECB needs to address fragmentation risk for Greece equities to perform
Highly indebted Greece clearly exposed to rising yields and the degree to which the ECB can calm fragmentation concerns
Otherwise, Greece is relatively well positioned in EM: net exporter of fuel and food, tourism recovery, reasonable value
Historical perspective may be warranted: Greece bond yield and spread over Germany not close to historical crisis levels

Strategy & Head of Equity Research @ Tellimer Research
