Europe Economy

Wilbur Ross: Here's the real goal of Greek deal

Privatization huge big deal in Greece: Wilbur Ross

The Greek reforms-for-bailout deal reached Monday after marathon talks will get done and key elements of the agreement will be implemented, said billionaire Wilbur Ross, who has a major investment Greece's third-largest bank.

Among the terms of the tentative agreement is a $55 billion fund that will be set up using Greek government assets for privatization.

"The privatizations really will go forward," Ross told CNBC's "Squawk Box" on Monday. "Transferring those activities which are highly unionized [and] highly left-wing out of the direct control of the government ... that's a huge, big deal."

Read MoreMohamed El-Erian warns markets on messy Greek deal

Last year, the distressed asset investor and other international financiers put $1.8 billion into Eurobank—becoming the biggest shareholder of the Greek institution.

The chairman and CEO of WL Ross & Co. said the real goal of the deal will be much-needed societal and economic change in Greece. "That's what's coming as part of this package. They are not calling it that, but that's what it is," he said.

"I totally disagree with the notion that there's anything here that will encourage bad behavior on the part of the other weaker countries," Ross added.

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