Marc Lasry, the billionaire co-founder of Avenue Capital Group, says it’s a good time to buy debt from European banks.

The banks are under pressure from the European Central Bank to deleverage and reduce their debt, Lasry said on “Wall Street Week” on Sunday on Newsmax TV.

“When you’ve got regulatory pressure to sell, you’ve got to sell,” Lasry said. “Now, we’re buying from people who are selling more because they’re being forced to as opposed to why they think it’s a good decision.”

As a result, he said he’s able to buy the debt for 60 to 70 cents and gets par in return after restructuring it over two to three years.

“You’re taking a whole lot less risk,” Lasry said.

New York-based Avenue manages about $13 billion and was co-founded by Lasry and his sister Sonia Gardner.

“Wall Street Week” is produced by SkyBridge Media, an affiliate of SkyBridge Capital, the fund-of-funds business founded by Anthony Scaramucci.