In an interview on FOX Business Network’s After the Bell, billionaire investor Wilbur Ross talked about the issues the Greek economy is facing and what needs to happen in order for the country to pay back all the money it owes.
“They have to get the economy growing,” Ross told FBN’s David Asman. “Right now, the problem is there’s no liquidity in the Greek economy.”
Ross, who is part of a group that has invested about $1.5 billion in Greece’s third-largest bank, added: “The first problem they’re going to have to solve is get enough liquidity to get rid of all these ELA debts, before they can really start relending in a meaningful way.”
When asked what could happen to the U.S. market if Greece defaults, Ross said he doesn’t think it would have a major impact.
"Putting it in perspective, Greece is about 2% of the European Union economy, and its total imports from the rest of the EU are only about 50 billion euros,” he said. “So as a singular economic event, not much is going to happen to the European economy, and even less to the U.S. economy.”