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  • Nov. 27, 2015, 10:01 AM
    • The NYSE has suspended trading in National Bank of Greece (NYSE:NBG), and will begin delisting steps. The last trade today was for $0.161.
    • The stock has been below $1 per share since mid-summer.
    | Nov. 27, 2015, 10:01 AM | 46 Comments
  • Nov. 3, 2015, 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)
    | Nov. 3, 2015, 11:14 AM | 18 Comments
  • Nov. 3, 2015, 10:22 AM
    | Nov. 3, 2015, 10:22 AM | 28 Comments
  • 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.
    | 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. 20, 2015, 11:02 AM
    • Facing a rebellion in his own party as he rounds up support for the latest bailout deal, Greek PM Tsipras calls for snap elections to take place on Sept. 20.
    • The government had previously mulled a confidence vote.
    • GREK -2.1%, NBG -6.2%
    | Aug. 20, 2015, 11:02 AM | 14 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. 6, 2015, 6:23 AM
    • Greece's banking share index headed back uphill this morning, following a three-day plunge that wiped out 63% of its market value.
    • At the time of writing, the index was up 12.2%, led by the National Bank of Greece (NYSE:NBG), which soared 27%.
    • Greek stocks also seem to have a smile back on their face, with the ASE Stock Index +3.7%.
    • ETFs: GREK
    | Aug. 6, 2015, 6:23 AM | 18 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. 3, 2015, 3:55 AM
    • The Athens Stock Exchange has reopened and it's not pretty. The ASE Stock Index plummeted 23% after being closed for five weeks, with banking shares down by as much as 30% - the maximum allowed.
    • While local traders are able to buy stocks, bonds, derivatives and warrants under certain conditions, international investors don't face any restrictions, as long as they were active in the markets before they were shuttered.
    • GREK -2.3%; NBG -5.4% premarket
    • Previously: Greece aims for €24B in first tranche of new aid (Aug. 02 2015)
    • Previously: After month away, Greek exchange to reopen Monday (Jul. 31 2015)
    | Aug. 3, 2015, 3:55 AM | 20 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.
    • 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. 21, 2015, 1:08 PM
    • National Bank of Greece (NYSE:NBG) is one of 39 dealer banks the European Stability Mechanism uses to distribute its paper. It's very rare for a dealer to decline an offer to participate in the syndicate, so NBG's decision can be read as a sign of Greece's financial isolation, writes John Geddie at Reuters.
    • According to two dealer banks, NBG was asked in an online chat forum to take part in the sale, but said "no," citing capital controls.
    • Greek banks did reopen on Monday after a three-week closure, but capital controls do remain in place, and the stock market in Athens remains closed.
    • GREK +0.3%
    | Jul. 21, 2015, 1:08 PM | 9 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.
    • ETFs: GREK
    | Jul. 19, 2015, 8:45 AM | 17 Comments
  • Jul. 17, 2015, 12:44 PM
    | Jul. 17, 2015, 12:44 PM
  • Jul. 17, 2015, 11:36 AM
    • In case anyone hasn't gotten the news, the Greek can is officially kicked down the road another few paces as the EU approves a €7.16B bridge loan to get the country between now and the coming third bailout.
    • Greece has a €4.2B payment due to the ECB on Monday, and is in arrears to the IMF. The bridge loan will allow payments to both creditors. The bridge loan money is coming from the European Financial Stabilization Mechanism (EFSM). What a happy circle.
    • GREK -4%, NBG -11.7%
    • Previously: German parliament green lights Greek bailout (July 17)
    | Jul. 17, 2015, 11:36 AM | 34 Comments