ALBKY
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  • Nov. 1, 2015, 9:31 AM
    • Greece's four biggest banks, which suffered severe losses this past summer, must raise €14.4B ($15.9B) in new money to withstand any new crisis, the European Central Bank said on Saturday.
    • Although the banks are currently been kept afloat by access to money through the eurozone monetary system, there is a rush to get recapitalization completed.
    • If it's not done by the end of the year, new EU regulations would mean large depositors may have to take a hit to their accounts.
    • Greek banks: OTCPK:ALBKY, OTCPK:BPIRY, OTCPK:EGFEY, NBG
    | Nov. 1, 2015, 9:31 AM | 23 Comments
  • Oct. 20, 2015, 4:51 AM
    • The recapitalization bill for Greece's main banks should be lower than €20B ($22.7B), two senior bankers with direct knowledge of the matter told Reuters, stating that National Bank of Greece (NYSE:NBG), Piraeus Bank (OTCPK:BPIRY), Alpha Bank (OTCPK:ALBKY) and Eurobank (OTCPK:EGFEY) are currently undergoing stress tests by the ECB.
    • PM Alexis Tsipras reiterated on Friday that the recapitalization would need to be completed by the end of the year, prior to new regulations that would require depositors to be bailed in before eurozone rescue funds are used.
    • NBG +1.3% premarket
    | Oct. 20, 2015, 4:51 AM | 26 Comments
  • Aug. 14, 2015, 3:22 PM
    • The eurozone finance ministers have approved a new bailout agreement (which Greece signed off on earlier), according to Dow Jones.
    • The first payment will be €26B. A €3.2B payment falls due to the ECB by Aug. 20.
    • Germany faces a likely Tuesday vote.
    • The National Bank of Greece (NYSE:NBG) is up 4.8%.
    • ETFs: GREK -1.1%. Other Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG
    | Aug. 14, 2015, 3:22 PM | 4 Comments
  • Aug. 4, 2015, 4:16 AM
    • Greek stocks are deep in the red again, dragged down by another near 30% plunge in banking stocks, as investors react to continuing questions about a new bailout from the EU and the country's worsening economy.
    • The ASE Stock Index plunged 16.2% on Monday, the worst fall on record, after the Athens Stock Exchange reopened following a five-week shut down.
    • Athens Composite -4.5% at the time of writing.
    • Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG -16.5% premarket
    • ETFs: GREK -0.9% premarket
    | Aug. 4, 2015, 4:16 AM | 10 Comments
  • Aug. 2, 2015, 9:24 AM
    • Athens may seek €24B in a first tranche of bailout aid from international lenders in August to prop up its banks and repay its debts, Greece's Avgi newspaper reports.
    • The funds would be used to channel €10B as an initial recapitalization to domestic banks, €7.16B to repay an emergency bridge loan, €3.2B toward Greek bonds held by the ECB and other payments.
    • Athens also plans to open its stock exchange tomorrow, after five weeks of closure.
    • Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG
    • ETFs: GREK
    | Aug. 2, 2015, 9:24 AM | 34 Comments
  • 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. 31, 2015, 8:25 PM | 15 Comments
  • Jul. 19, 2015, 8:45 AM
    • Greece has ordered its banks to open on Monday, three weeks after they were shuttered to prevent the country's financial system from collapsing.
    • The decree came hours after new ministers were sworn in following PM Alexis Tsipras' cabinet reshuffle and after the EU finalized a €7.2B bridge loan for the debt-ravaged country on Friday.
    • Restrictions on transfers abroad and other capital controls will remain in place, although they will be slightly more flexible.
    • Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG
    • ETFs: GREK
    | Jul. 19, 2015, 8:45 AM | 17 Comments
  • Jul. 16, 2015, 4:50 AM
    • Eurozone finance ministers have begun discussions on whether to give Athens a short-term financing package - expected to be worth about €7B - after Greek lawmakers passed a bailout agreement late last night.
    • Many are also watching whether the ECB will extend emergency liquidity assistance to Greek banks.
    • Although 229 members of the 300-seat parliament approved the new austerity measures, 32 members of PM Alexis Tsipras' Syriza party voted "No", a sign the premier may have lost his majority.
    • European stocks are on the rise following the approval: FTSE 100 +0.5%; DAX +1.3%; CAC 40 +1.3; Euro Stoxx 50 +1.4%.
    • Up next: the German Bundestag will vote on Friday whether or not to approve the new rescue, however, talks over securing a new €86B bailout are likely to last for another four weeks.
    • Update: Eurozone finance ministers have agreed in principle to extend a  €7B bridge loan to Greece.
    • Previously: Greek parliament approves bailout plan (Jul. 15 2015)
    • Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG +6.8% premarket
    • ETFs: GREK +3.5% premarket
    | Jul. 16, 2015, 4:50 AM | 3 Comments
  • Jul. 12, 2015, 1:58 PM
    • Plans for Greece advanced (slowly) in the Eurogroup on Sunday as the zone's leaders headed into a summit following hours of work by their finance ministers, who have a working statement for discussion.
    • The statement suggests propsects of a new rescue for Greece with quite strict conditions, but also an alternative option: a "time-out" from the eurozone, a temporary Greek exit that could last a few years: "In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring."
    • That part was in brackets, showing it wasn't unanimously accepted by the 19 eurozone members and is likely the result of German pressure. It's reported that Germany had drawn up plans in a separate paper for a five-year Greek exit from the euro.
    • A deal on Greece wouldn't be made "at all costs," says German Chancellor Angela Merkel.
    • Another alternative floated is Greece putting tens of billions of euros of assets in escrow to creditors, collateral against further aid loans.
    • Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG
    • ETF: GREK
    • Previously: Greek crisis talks head into day two (Jul. 12 2015)
    | Jul. 12, 2015, 1:58 PM | 39 Comments
  • Jul. 10, 2015, 8:21 PM
    | Jul. 10, 2015, 8:21 PM | 99 Comments
  • 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
    | Jul. 10, 2015, 2:06 PM | 5 Comments
  • Jul. 9, 2015, 4:21 PM
    • Eurogroup officials have received a new Greek reform proposal, a spokesman for group president Jeroen Dijsselbloem says.
    • Greece's government is setting a parliamentary vote for tomorrow to endorse new reform commitments. Banks have remained closed since capital controls were imposed June 29.
    • The stock exchange is expected to remain closed until July 13.
    • Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG
    • ETFs: GREK
    • Previously: Deadline day for new Greek proposal (Jul. 09 2015)
    | Jul. 9, 2015, 4:21 PM | 9 Comments
  • Jun. 30, 2015, 6:08 PM
    • A midnight deadline arrives for Greece, bringing a default on its IMF financing.
    • The country missed a €1.6B payment, technically making it in arrears and the first developed country to default to the IMF.
    • Hours ago, PM Alex Tsipras proposed a two-year deal with the European Stability Mechanism, but Europe wasn't interested.
    • Greek banks:OTCPK:ALBKY, OTCPK:BPIRY, OTCPK:EGFEY, NBG
    • ETFs: GREK
    | Jun. 30, 2015, 6:08 PM | 86 Comments
  • Jun. 28, 2015, 9:44 PM
    • Greece's cabinet confirmed that the country's banks would remain shut for six working days, and instituted capital controls as its financial crisis came to a head today.
    • Banks will be shut through next Monday, July 6, the cabinet decided after an 8-hour session. Athens' stock exchange will be closed tomorrow as well.
    • ATM withdrawals for in-country cards are being capped at €60/day, and ATMs will be open by early afternoon at the latest.
    • PM Alex Tsipras blames the Eurogroup's decision against extending the country's bailout program for imposing capital controls.
    • The government is urging citizens to vote against creditor proposals in next Sunday's referendum.
    • Previously: Major stock futures, euro tumble in reaction to Greece news (Jun. 28 2015)
    • Previously: Greek parliament approves bailout referendum (Jun. 28 2015)
    • Greek banks:OTCPK:ALBKY, OTCPK:BPIRY, OTCPK:EGFEY, NBG
    • ETFs: GREK
    | Jun. 28, 2015, 9:44 PM | 29 Comments
  • Jun. 28, 2015, 1:28 PM
    | Jun. 28, 2015, 1:28 PM | 61 Comments
  • Jun. 28, 2015, 8:54 AM
    • Greek lawmakers have now authorized Prime Minister Alexis Tsipras' proposed July 5th bailout referendum, increasing the chances Athens will default on a key payment to the IMF on Tuesday and exit the eurozone.
    • Finance ministers on Saturday rejected Greece's request to extend its current bailout in order to cover the period leading up to the vote.
    • As uncertainty hits the nation, anxious Greeks are lining to withdraw cash. More than a third of the country's ATMs ran dry yesterday and there are worries banks will not open after the weekend.
    • Greek banks: OTCPK:ALBKY, OTCPK:BPIRY, OTCPK:EGFEY, NBG
    • ETFs: GREK
    • Previously: Greece's Tsipras sets July 5 referendum on bailout (Jun. 26 2015)
    | Jun. 28, 2015, 8:54 AM | 78 Comments