Want to make money on Greece? Buy the company that runs the Athens stock exchange. At least, that's the advice from Merrion Capital.

Merrion recommends investors purchase stock in Hellenic Exchanges, the operator of Greece's financial markets, whose shares have dropped 33 per cent over the last six months as the nation slid back into economic turmoil.

"For investors who wish to invest in distressed situations, then Greece is certainly the place to be," said Darren McKinley, analyst at Merrion,

“Athens Hellenic is the best cyclical play on the market.”

While Ireland and Greece both entered bailout programs in 2010, the contrast in their subsequent progress has been stark. Ireland exited the rescue in 2013 and its benchmark stock index is up more than 50 percent since then.

The Greek stock market came to a halt in June as the government fought with international creditors over a new bailout to avert default and a potential euro exit.

When the market reopened on Monday, the benchmark Athens Stock Exchange General Index tumbled 16 per cent. That was the biggest drop since at least 1987, even amid trading restrictions.

It has declined 20 per cent this week. Merrion also recommends buying Aegean Airlines, as the economy benefits from tourists.

– (Bloomberg)