This guy wrote a good analysis:

He’s using recent earnings, which is well depressed still.

Also I disagree about high energy sector dependence, the Athens index has been downgrade to EM status, and all EM index’s are hugely hated right now, not just those of oil producing countries.

http://seekingalpha.com/article/3772326-grek-seems-just-fairly-valued-but-many-of-its-individual-stocks-are-undervalued

 

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