Tue, Nov. 3, 11:14 AM
- Facing a €4.6B capital shortfall under the adverse scenario of the ECB's latest stress test, National Bank of Greece (NBG -8%) will attempt to close some of that with the sale of Finansbank. The tangible book value of the unit is €3.4B, according to NBG.
- The stock remains under trading halt.
- Previously: National Bank of Greece halted with news pending (Nov. 3)
Tue, Nov. 3, 10:22 AM
Fri, Jul. 31, 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)
Fri, Jul. 17, 12:44 PM
Thu, Jul. 16, 9:15 AM
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%
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, 9:19 AM
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, 12:45 PM
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:EWQ) 1.5% decline. Germany (NYSEARCA:EWG) is off 1.4%, Italy (NYSEARCA:EWI) and Spain (NYSEARCA:EWP) 1.3%. 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)
Mon, Jul. 6, 9:10 AM
Wed, Jul. 1, 9:18 AM
Tue, Jun. 30, 10:54 AM
- Up nearly 1% earlier, the Stoxx 50 (NYSEARCA:FEZ) has turned lower by 0.6% less than an hour before the close.
- The Stoxx 50 shed 4.25% yesterday, led by Italy's 5%+ decline.
- The Eurogroup has set 1ET as a time for a conference call, at which Greece's latest proposal will be discussed.
- Not too badly dinged yesterday, the U.K.'s (NYSEARCA:EWU) 1% loss is leading on the way down today. Germany (NYSEARCA:EWG) -0.6%, France (NYSEARCA:EWQ) -0.8%, Itay (NYSEARCA:EWI) -0.1%, Spain (NYSEARCA:EWP) -0.2%.
- Athens remains closed for business, but the Greek ETF (GREK +5.1%) and National Bank of Greece (NBG +9.4%) are up sharply.
- ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU, HFEZ
Tue, Jun. 30, 8:07 AM
- The Global X Funds Greece ETF (NYSEARCA:GREK) is up 3.3% premarket after yesterday's 19.4% drubbing, and National Bank of Greece (NYSE:NBG) is up 10% after yesterday's 24% decline.
- The country today will not make its $1.7B payment due to the IMF, thus officially going into "arrears." Urging the electorate to vote "no" to austerity measures on Sunday, PM Tsipras says Europe has no intention of kicking Greece out of EMU - the cost to the EU and ECB will be too high.
Mon, Jun. 29, 9:16 AM
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