Jul. 31, 2015, 8:25 PM
- After five weeks of closure, the Athens stock exchange will reopen on Monday, after what seems like a geological time frame's worth of developments in Greek solvency.
- After the government's compromise with creditors, investors say it will take some time, likely months, before the companies there can raise money internationally.
- “The Greek crisis has had an adverse impact on all sectors of the economy,” said Apostolos Gkoutzinis of law firm Shearman & Sterling.
- The Luxembourg stock exchange lifted a suspension on trading of Greek bonds a week ago.
- GREK +2.6% today, though still down 21.7% over the past three months. The National Bank of Greece (NYSE:NBG) gained 6% today (and is down 19.9% over the past month).
- Related tickers: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY
- Previously: IMF drops bombshell on Greece (Jul. 31 2015)
- Previously: Greece, creditors begin talks to secure bailout deal (Jul. 28 2015)
Jul. 10, 2015, 2:06 PM
- The National Bank of Greece (NBG +15.1%) has shot higher after the Greek government submitted a bailout proposal that met many of the austerity demands sought by EU creditors. European and U.S. markets have also reacted favorably.
- Reuters reports (citing "a senior Greek banker") Greece's banks "will need an estimated 10 to 14 billion euros of fresh capital to keep them afloat and more time before they reopen" even if a deal is reached with creditors on Sunday.
- The banks are due to reopen on Tuesday, but Reuters' source says they're "optimistic" branches can be opened by the end of next week. Athens would seek to raise capital from private investors, but could turn to the European Support Mechanism's Direct Recapitalization Instrument (DRI) if that fails.
- Other Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY
Dec. 29, 2014, 12:00 PM
- The National Bank of Greece (NBG -8.8%) has dived towards its 52-week low of $1.76 after politicians failed to elect a president in today's vote, thereby triggering an early-2015 snap election that could potentially bring the anti-bailout Syriza party to power.
- Over in Frankfurt, Alpha Bank (OTC:ALBKF) is down 6.1%, and Eurobank Ergasias (OTCPK:EGFEY) is down 7.3%. The Athens exchange is down 3.9%.
Dec. 9, 2013, 3:42 PM
Aug. 29, 2011, 8:10 AM
It appears they like the news... Greek shares sky on the merger and planned recapitalization of the country's 2nd and 3rd-largest banks; the Athens General Index +14.3%. For perspective, the index has fallen more than 50% the last 6 months. Not part of the merger: National Bank of Greece (NBG) +30% premarket.| Aug. 29, 2011, 8:10 AM | 1 Comment