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National Bank of Greece SA (NBG)

  • Thu, Jul. 16, 4:42 PM
    | Thu, Jul. 16, 4:42 PM | 14 Comments
  • Thu, Jul. 16, 9:15 AM
    | Thu, Jul. 16, 9:15 AM | Comment!
  • Thu, Jul. 16, 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
    | Thu, Jul. 16, 4:50 AM | 3 Comments
  • Tue, Jul. 14, 10:50 AM
    • "The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date - and what has been proposed by the ESM," says the IMF in a report sent to EU governments hours after they and Greece agreed in principal on a third bailout program.
    • Among the measures needed would be a 30-year grace period on servicing all European debt (otherwise known as default), a very dramatic maturity extension, or explicit transfers to the Greek budget. Alternatively, the Troika could accept "deep upfront haircuts" on their loans to the country.
    • This study sees Greek debt peaking at nearly 200% of GDP in the next couple of years versus a previously forecasted high of 177%. By 2022, the debt would stand at 170% of GDP versus an estimate of 142% just two weeks ago.
    • The latest projections, says the IMF "remain subject to considerable downside risk."
    • Source: Reuters
    • The Athens Stock Exchange remains closed.
    • GREK -5.9%, NBG -6.7%
    | Tue, Jul. 14, 10:50 AM | 52 Comments
  • Mon, Jul. 13, 11:17 AM
    • The Athens Stock Exchange remains closed, but the Greek ETF (GREK -3.9%) and the ADRs of National Bank of Greece (NBG -2.9%) have reversed big early gains to turn solidly lower.
    • The deal agreed to by Greek PM Tsipras this morning brings to mind the TV deal negotiated by George Castanza on Seinfeld in which he and Jerry ended up with less money than had originally been offered. Now Greek lawmakers have the pleasure of voting for a package more harsh than the one they and the electorate have just rejected.
    • See Bloomberg: Tsipras Has Vandalized Greece
    • Previously: More on EU-Greek agreement - Greece forced to sell €50B worth of assets (July 13)
    | Mon, Jul. 13, 11:17 AM | 21 Comments
  • Mon, Jul. 13, 9:19 AM
    | Mon, Jul. 13, 9:19 AM | 4 Comments
  • Sun, Jul. 12, 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.
    • ETF: GREK
    • Previously: Greek crisis talks head into day two (Jul. 12 2015)
    | Sun, Jul. 12, 1:58 PM | 40 Comments
  • Fri, Jul. 10, 8:21 PM
    | Fri, Jul. 10, 8:21 PM | 99 Comments
  • Fri, Jul. 10, 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
    | Fri, Jul. 10, 2:06 PM | 5 Comments
  • Fri, Jul. 10, 12:45 PM
    | Fri, Jul. 10, 12:45 PM | 2 Comments
  • Thu, Jul. 9, 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.
    • ETFs: GREK
    • Previously: Deadline day for new Greek proposal (Jul. 09 2015)
    | Thu, Jul. 9, 4:21 PM | 9 Comments
  • Wed, Jul. 8, 1:03 PM
    • The country had hoped to reopen the banks and lift the €60 per day cap on ATM withdrawals tomorrow, but media reports now say the bank holiday will stay in place for the rest of the week.
    • The latest absolute deadline for a deal is Sunday, when leaders from all 28 EU countries will meet for a summit.
    • GREK -2.3%, NBG -3.5%
    | Wed, Jul. 8, 1:03 PM | 12 Comments
  • Tue, Jul. 7, 10:42 AM
    • Greek government officials arrived at today's meeting of European finance ministers without a new proposal, according to the FT, shocking the group and angering some in the room.
    • One Eurogroup source says Greece instead will present its latest gambit tomorrow directly to the Troika. Another source says the Greek officials presented an outline of a plan to the Eurogroup, but written materials were still being worked on. A Greek official says his government presented the same plan from last week that's already been rejected.
    • In any case, the eurocrats don't seem pleased. Europe has taken a new leg down, led by France's (NYSEARCA:EWQ1.5% decline. Germany (NYSEARCA:EWG) is off 1.4%, Italy (NYSEARCA:EWI) and Spain (NYSEARCA:EWP1.3%. The Stoxx 50 (FEZ -2.4%). Greece ETF (GREK -4.6%), National Bank of Greece (NBG -7.8%).
    • The euro (NYSEARCA:FXE) is lower by 1% to $1.0942.
    • Previously: Europe can't hold gains (July 7)
    | Tue, Jul. 7, 10:42 AM | 125 Comments
  • Mon, Jul. 6, 12:04 PM
    • A trained economist who has spent much of his life in the U.K. and received a degree and his PhD from Oxford, Euclid Tsakalotos will replace Yanis Varoufakis as Greece's finance minister.
    • Tsakalotos likely has similar politics to h is predecessor, but perhaps a personal style more amenable to Eurocrats in Brussels, according to Mujtaba Rahman of Eurasia Group. Ambrose Evans-Pritchard, however, calls the man brilliant and more hardline than Varoufakis, who was passionately pro-European.
    • GREK -8.75%, NBG -11.5%
    • Previously: Markets pull back from worst levels as Greek finance minister resigns (July 6)
    | Mon, Jul. 6, 12:04 PM | 27 Comments
  • Mon, Jul. 6, 9:10 AM
    | Mon, Jul. 6, 9:10 AM | 1 Comment
  • Thu, Jul. 2, 7:26 AM
    • "I prefer to cut my arm off rather than sign an agreement without debt restructuring," Greek Finance Minister Yanis Varoufakis tells Bloomberg, promising to step down if citizens vote "yes" on Sunday for the austerity measures demanded by the country's creditors.
    • The country, he says, should not "extend and pretend" any longer that it can pay its debts.
    • "We desperately want to stay in the euro ... We are going to win ("no" vote) on Sunday."
    • The banks and the stock market remained closed. NBG +1.8% premarket; GREK no trades.
    | Thu, Jul. 2, 7:26 AM | 80 Comments
Company Description
National Bank of Greece provides financial services. It include retail & commercial banking, investment management, investment banking, insurance, investment activities and securities trading.
Sector: Financial
Country: Greece