Paul Kazarian, a millionaire investor, was said to be all set for recognition again. On June 3, Kazarian's Japonica Partners & Co. publicized that it offered to purchase up to Eur2.9 billion equivalent to US$3.8 billion of Greek state debt. Kazarian would purchase around 10% of all the remaining bonds.

"Without saying anything about the substance of buying Greek bonds, such as whether it's a good investment, you have to admit it made everyone look up and take notice," Spectrum Capital Group LLC in Bristol, Rhode Island's managing partner, Michael Lederman, said. Lederman was a former partner of Japonica. "That kind of move is classic Kazarian."

After twenty years of being outside the spotlight, Kazarian returned to the public eye when he said he wanted to buy the Greek debt. The face value of the debt was Eur4 billion. Japonica already visited Athens regarding the matter and gave out a press release on July 1.

Kazarian was a former banker in Goldman Sachs Group Inc. He garnered this kind of attention before due to huge deals in the late 1980s and early 1990s. His attempted buyout of Borden Inc. made him popular. He also rescued an appliance manufacturer, Sunbeam-Oster Co., from liquidation.