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Living now in SE Asia
  • Greek state bankruptcy becoming more likely: watch NBG's graph 1 comment
    Aug 23, 2011 6:22 PM | about stocks: NBG
    Newspapers keep reporting how unlikely it will be that all parliamens are going to ratify the latest aid package (decided by some leaders). The Bundesbank - not known for its overdramatic tone - is questioning the democractic and legal foundation of the latest decisions.
    While politicians keep playing their little games of deception, suckering the voters into believing "agree to this measure and this will be it" (psst - for the next 12 months), the all powerful market shows how it values NBG. Today, it hit $ 0.87. Check out the options fees paid. 
    NBG owns a very profitable Turkish bank, Finansbank, valued at $ 5.4 bn. It has the most ATMs, branches etc. And I thought it would make it based on its unique position at the heart of the Greek economy. If only it didn't have $ 13 bn of those toxic GR government bonds on its books!!!

    Now you see the whole stinking mess: The ECB keeps buying this junk, aiding French banks etc. How about letting NBG unload its $ 13 junk bonds for 11.xx bn Euros? Be generous, be fair, and make a change in GR with your aid!

    Disclosure: Author is long on NBG and has options positions (sold calls, sold puts, have straddles)
    Themes: Greek crisis Stocks: NBG
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