What tragedy? Hedge funds look to score on Greek recovery

Hedge report card: Best and worst of 2014

Greece is once again a bet reserved for the bravest of investors.

After two years of relative calm, the election of the anti-austerity Syriza party in late January caused renewed volatility in local stock and bond markets. New Greek leaders are negotiating with European officials to restructure their bailout package—as the European Central Bank on Wednesday reportedly provided an emergency $78 billion loan to Greek banks. There's even the possibility of Greece leaving the European Union, a so-called Grexit that could have ripple effects across the Continent.

Amid the turmoil, hedge fund managers are again eyeing Greece for bargain shopping, but the political uncertainty has kept them from aggressively investing there.

The small group of hedge funds betting on a Greek recovery includes Third Point, York Capital Management, Alden Global Capital, Greylock Capital Management and Eaglevale Partners, according to people familiar with the situation.

"At this moment, we don't know if the crisis is going to be resolved," Diego Ferro, co-chief investment officer of nearly $1 billion global investor Greylock, told CNBC.com this week. "But if you think the crisis is going to be resolved and Greece stays in the EU, either Greece is very cheap or countries of the periphery are very expensive."