Despite having Goldman Sachs CEO Lloyd Blankfein as an investor and being Bill and Hillary Clinton’s son-in-law, Marc Mezvinsky (and two former colleagues from Goldman Sachs who manage Eaglevale Partners hedge fund) told investors in a letter last February they had been “incorrect” on Greece, generating staggering losses for the firm’s main Eaglevale Hellenic Opportunity, a/k/a the “Greek recovery” fund during most of its life. By ‘incorrect’ the Clinton heir apparent meant the $25 million Eaglevale Greek fund had lost a stunning 48% in 2014.
The debt death spiral of Greece could be easily predicted as readers of my blog know. It beggars belief that Hilary Clinton’s soon in law, Marc Mezvinsky, really had no idea that the fund would tank.
The debt death spiral in Greece is set to continue, this time driven by unbalanced austerity measures, targeting what remains of the productive economy with crushing taxes.