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(John Kolesidis/REUTERS)

Can Fairfax’s big bet in Greece match Irish payouts?

Fairfax Financial Holdings Ltd. has told investors it likes Greece, and on Tuesday made a big bet on the recovering nation. Now, investors may be hoping for some Irish luck.

Fairfax is part of a consortium that is propping up Greece’s third-largest lender with a €1.3-billion ($2-billion) investment. Eurobank Ergasias SA, which was bailed out by the Greek government’s Hellenic Financial Stability Fund, will issue new shares to these backers. They will collectively become the bank’s largest shareholder.