Fairfax bets on Greek recovery

Fairfax Financial Holdings — which has seen its 2011 investment in Ireland’s biggest bank jump about 50% — is now focusing on Greece, betting that the worst has passed for the recession-battered nation.

“In terms of the economy, the last four or five years have been very tough for Greece,” Fairfax chairman and CEO Prem Watsa said.

“The economy has come down very significantly, unemployment is high. But on the other hand, we think that perhaps a bottom has been reached.”