U.S. billionaire: Greek investment will do, even as country approaches default

Wilbur Ross, an American billionaire known for his investments in distressed assets, has no doubts that his investment in Greece's third-largest bank would work out, although the country appears to be edging closer to defaulting on its debt. 

Ross is one of a group of investors who invested 1.3 billion euros ($1.47 billion) into Greece's Eurobank Ergasias last year.

In an interview with CNBC, Ross said that the deal will be reached at the end of the day, therefore he is confident his investment will do, although investment in that bank was loss-making.

The country cannot afford to default, there's no liquidity in the country whatsoever at this point, he thinks.

He added that "we're used to the rollercoaster - that comes with the territory. If this works out as well as Ireland I'd be thrilled."

"The banks, of which we have one, are 80-billion odd euros into the ELA (Emergency Liquidity Assistance). A default doesn't resolve those issues and would make the economy a shambles. So they will make an accommodation," Ross considers.

When asked if the imposition of capital controls would be catastrophic for Greece, Ross said that it would be because there's no liquidity there right now. "And if you don't have liquidity, how do you have a functioning economy?"