According to an article published today by Bloomberg news agency, the curtain is coming down on Greece’s star turn with international equity investors.

Although it was among the best-performing Europe gauges in 2013 after the Greek government carried out the world’s biggest-ever debt restructuring, ASE Index has slumped 21 percent due to banks’ decline. Drops are trimming returns that approached 200 percent starting in June 2012 amid investments from hedge funds such as Paulson & Co. and Third Point LLC, states the article.

“Equities with valuations triple the rest of Europe have come too far to be justified by an economy that is poised to emerge from a six-year recession,” says Peter Garnry, head of equity strategy at Saxo Bank A/S.

“Investors are looking elsewhere in emerging markets for bargains as sanctions hitting Russia, Greece’s biggest trading partner, disrupt businesses,” underlines Bloomberg.