Billionaire said Monday he expects Greece to reach a deal with creditors, though pension and tax reforms are troublesome issues.
"I think the real sticking point is not debt forgiveness. I think its the pensions and to a lesser degree the VAT tax on the electricity," the chairman and chief strategy officer of WL Ross & Co. said on CNBC's "Squawk Box."
Greece and its mostly European creditors are locked in tense negotiations and struggling to resolve separate proposals to prevent a Greek debt default and potential exit from the European Union. The country is seeking to unlock 7.2 billion euros in much-needed bailout funds in exchange for a package of promised reforms.
The Greek debt drama has been "overplayed" in the grand scheme of global markets, Ross said, noting that the country accounts for about 2 percent of European Union GDP and imports just $50 billion worth of goods from the rest of the EU. Instead, opposition party Syriza came to power after promising to take a tougher stance with creditors.
Ross said his firm is down about $30 million in equity in its Greek investment of $50 million, which he called "fairly small." He said the firm went wrong when it projected that then-Prime Minister Antonis Samaras would prevail in elections about six months ago.
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