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Hillary Clinton's son-in-law Marc Mezvinsky shuttered his New York hedge fund that wrongly bet on a recovery in Greek equities.

The Clinton-tied Greece hedge fund portfolio has lost nearly 90% of its value over two years, according to two anonymous sources quoted by The New York Times.

Democratic presidential candidate Hillary Clinton. Reuters

Mezvinsky, partnering with two former Goldman Sachs colleagues, began raising money in 2011 for Eaglevale Partners, and Clinton supporters were big investors, according to interviews and financial documents reviewed by The New York Times. The fund, Eaglevale Hellenic Opportunity, had raised $25 million from investors to buy Greek bank stocks and government debt, according to The New York Times.

A recovery in the small Greek stock market might have seemed like a slam dunk to a fledgling hedge fund, even as Hellenic Coca-Cola, a bottler of Coke products, changed its name to Coca-Cola HBC (CCHGY) and moved to Switzerland. With the Greek economic and financial crisis coming to a head in 2010, the bet then was that European leaders would not let the country of 11 million fail, or exit the Eurozone.

The MSCI Greece index fell 45% in 2010. And kept falling over time. MSCI Greece has tumbled another 86% since the end of 2010, including a miniscule yield. The Standard & Poor's 500 Index has done the exact opposite, with a climb of 86%-- including 20 points of comfort along the way from dividends -- since the end of 2010.

Even the Global X MSCI Greece exchange-traded fund (GREK), which started trading in December 2011, has tumbled 41% since inception.

And after numerous 11th-hour panics and snap elections -- remember Varoufakis, the colorful finance minister? -- Greece still is battling with creditors to get another tranche of loan money and stave off default in July.

Hope springs eternal though: Greek bank stocks Alpha Bank (ALBKY), Piraeus Bank (BPIRF), National Bank of Greece (NBGGY) and Eurobank Ergasias (EGFEY) rallied after Greek financials and some bonds got the thumbs up from investor Richard Deitz of VR Capital Group at the Sohn Investment Conference last week. Banks account for a third of the Greece ETF; they mostly trade over the counter in the U.S. in the shadow of their former selves.

See our Monday post Greece: Debt Talks Fuel Rally In Bank Stocks, GREK ETF and more about the Greek bank recapitalizations at the end of 2015: National Bank of Greece Halted, Stock Tumbled After Bond Swap and Greek Banks Can Roar Back In 2016, Investors Ross & Paulson Say.