Thatwould not sort outGreece'sfinances-itmightreducethe net present valueofGreekdebt by up to 20-25%-butitwouldkeep thecountryaway from the markets for awhile.
The fund has a good track record of out-performing its net asset value return in strong market years and fund management has been a consistent buyer of shares (currently holding around a third of all shares outstanding).
Analyst Fustier points out that BP trades at a 22% discount to net asset value, compared with only a slightly narrower 19% discount for the other supermajors.