(1888PressRelease)
December 01, 2007 - Sources say that Ovetii of Greece have been monitoring recent statements from US lenders, most of which have painted a decidedly grim picture; New York-based Citigroup, the biggest U.S. bank by assets, said Nov. 4 that it may have to write down as much as $11 billion in assets on top of a previously announced $5.6 billion. Merrill Lynch, the third-biggest U.S. brokerage, disclosed more than $8.4 billion of write-downs.
While Ovetii is by no means unaware of a current market crisis, a source from within the prominent investment firm has revealed that Ovetii believe there is a positive side to it all.
According to a source, Ovetii feel that worldwide uncertainty over the US markets mirrors general sentiment towards UK and European exchanges.
Ovetii has reportedly concluded that, although Europe will continue to suffer from credit concerns over the coming months, the fear created by recent events may provide an opportunity to acquire shares at an appropriate discount to their fair value.
As yet there has been no official statement from Ovetii.
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