Greece could face social unrest soon: Wilbur Ross
Matthew J. Belvedere | @Matt_Belvedere
The deteriorating situation in Greece—including long lines and a 60 euro ($67) limit at ATMs—could get much worse if voters there refuse to accept creditor-imposed reforms in a referendum this coming Sunday, said billionaire Wilbur Ross, who has a large interest in the country.
“Once there’s social unrest, which there will be before too long if this thing continues, no tourist is going to want to go to [Greece],” Ross told CNBC’s “Squawk Box” on Monday. “If the Greek people understand how limited those concessions that are requested are, and contemplate going into the abyss on other side, they’re never going to pick the abyss.”
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Last year, the chairman and CEO of WL Ross & Co. and other international financiers invested $1.8 billion in Eurobank—becoming the biggest shareholder of Greece’s third-largest bank. He said Monday he made the bet thinking the current government would not be in power.
Ross said there are lines at Eurobank branches, but surprisingly they’re “not totally out of control yet.”
