Business

Hedgie shrewdly pulled assets from Greece ahead of crisis

Desperate Greeks lined up at ATMs on Monday to withdraw up to the maximum $67 limit as the nation’s debt crisis careen༺ed t♏owards disaster.

But at lea♒st one US hedge-fund manager was months ahead of them: Dan Loeb.

Loeb, whose Third Point hedge f🍨und earned $500 million betting on Greek debt in 2012 — and was so bullish on the tiny nation in 2013 that he opened a separate “Hellenic recovery fund” — has pulled nearly all his assets out of the country, The Post has learned.

Loeb’s $17.5 billion fund sold all of its Greek bonds and public equities months ago, fearing the country could face a “liquidity” crisis after electing leftist Prime Minister Alexis Tsipras, according to an inꦗvestor in Third Point.

The Hellenic fund, which raised an estimated $750 million on a draw down basis, sti﷽ll has at least two private Greek holdings: a $60 million stake in Energean Oil & Gas and a $3 million investment in꧂ insurer Hellenic Direct.

But some other hedge-fund managers, who were touting investing in Greek 🉐banks as a recovery play, weren’t as quick to jump ship.

John Paulso🌊n and David Einhorn both have small stakes in Greek banks Alpha and Piraeus, whose shares are down sharply.

L🧸ast October, Einhorn said at the Robin Hood investor conference that Greece’s problems were behind it and recommended Alpha, then t🉐rading at 57 euros, and Piraeus, at 1.06 euros.

The banks had been hard hit by years of financialꩵ woes and Einh🔯orn thought they would take off with the economy.

A woman walks past a closed bank in🔥 Athe𝔉ns, Greece.Getty Images

“Alpha can triple from here,”❀ said Einhorn. Buಞt instead, the stock has fallen 44 percent since his presentation. Piraeus is down 62 percent.

Greek banks are now a smaller position in both Einhorn’s $12 billion Greenlight Capital and the $1 billion “speci🔜al situations fund” in Paulson’s $20.2 billion hedge-fund complex.

Paulson’s special situations fund was up about 1.2 percent through May, accordin⛄g to 𓄧an investor presentation that said Piraeus was a “detractor” from performance.

The hedgies appear 🐬to have miscalculated the Greeks’ willingness to endure the pain other Europeans were imposing on them.

“Greeks are now li⛎ving within their means,” said Einhorn, just months before the country booted out the government that forced austerity upon it.

After weeks of unsuccessful bailout talks with creditors — other European Union nations, the Internationaꦬl Monetary Fund and the European Central Bank — Tsipras announced Sunday night that banks would be closed al♊l week pending a July 5 vote on the terms of the deal.

A “ no” vote will give him negotiating 🌠leverage, he said.

But if Greece defaults on its $1.7 billion debt payment due June 30, it may have no choice but to leave the eurozone, the so-called “Grexit” that would put the entire monetary uni𒐪on in jeopardy.