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GREK

Global X FTSE Greece 20 ETF

5/25/2013, 4:31 PM ET

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Wednesday, May 22, 8:20 PM Citi's Willem Buiter throws in the towel on a "Grexit" in 2014, notable not only because Buiter has repeatedly predicted Greece will eventually bid the eurozone adieu (putting the odds at 90% within 12-18 months late last summer) but because he is credited with coining the term "Grexit" in the first place. Bears needn't despair too much though: Buiter still says "there is a fairly high risk of Grexit at some stage in the coming years." 2 Comments [Global & FX]
Friday, May 17, 10:27 AM The call option otherwise known as National Bank of Greece (NBG +19.2%) soars again, now closing in on being a 4-bagger in a month. The capital raise plan has been approved - though surely dilutive, it keeps the bank privately-owned - and an upgrade cycle has begun for the country and the banking system. The Greek ETF (GREK +3.1%). Comment! [Financials, On the Move, Global & FX]
Thursday, May 16, 1:00 PM National Bank of Greece (NBG +23.7%) continues to fly, with the latest catalyst an upgrade of the country's banking sector by Fitch - the big lenders moved to B- from CCC. The move follows Fitch's upgrade of the sovereign to B- earlier this week and the bank's apparent success in raising private capital, thus avoiding nationalization. NBG has tripled in value in the last month. Nothing to see here, move along. GREK +3.1%. 4 Comments [Financials, On the Move]
Tuesday, May 14, 12:23 PM Greece catches an upgrade - to B- from CCC at Fitch which cites the rebalancing of the economy with "clear progress" made on eliminating the fiscal and current account deficits. "The price has been high in terms of lost output and rising unemployment and the capacity for recovery is still in doubt." The Greek ETF (GREK +1.7%). 7 Comments [Global & FX, Breaking News]
Monday, May 13, 9:44 AM National Bank of Greece (NBG +10.7%) continues to party after late April news it's received enough private capital support to avoid being nationalized. The stock (really a call option) is about a double in less than a month. NBG makes up 7.2% of the holdings of the Greece ETF (GREK +2.1%). Comment! [Financials, On the Move]
Thursday, April 18, 3:11 PM Can the Greek banking sector deteriorate further? Yes, says Moody's in a new report: declining domestic purchasing power and liquidity" will be exacerbated by government spending cuts and rising joblessness, crippling consumer's "repayment capacity" and ultimately leading to non-performing loans above 30%. Furthermore, Moody's warns risky Greek government bonds comprise 87% of the sector's Tier 1 capital and "estimates €8B of further capital" will be needed to cover loan book loses. 3 Comments [Global & FX]
Monday, April 15, 5:27 AM Greece looks poised to receive the next €2.8B tranche of its rescue after the Troika said in a review that the country is on track to meet its bailout targets, with the recapitalization of the banks nearly complete. The Troika also said that it could provide more help to Greece once it reaches a primary surplus, which the government hopes to achieve this year. Comment! [Global & FX, Top Stories]
Thursday, April 11, 6:13 AM Greek unemployment rose to yet another record high of 27.2% in January from 25.7% a month earlier as the country's depression continued unabated. Youth unemployment hit 59.3%, up from 51% a year earlier. FTSE/ATHEX 20 -0.15%. 2 Comments [Global & FX]
Monday, April 8, 4:39 AM Shares in National Bank of Greece and Eurobank Ergasias collapse 30% in Athens following news that the government has blocked a merger between the two lenders after they were unable to raise enough capital and amid fears that the new entity would be too large to be rescued if required. The banks are now heading for state control. FTSE/ATHEX 20 -3.9%. Comment! [Global & FX, On the Move, Financials, M&A]
Wednesday, March 27, 9:02 AM Greece continues to crash amidst the fallout from Cyprus, with Athens off 5.5% today after yesterday's 4% drop. GREK -4.6% premarket. National Bank of Greece (NBG) -1.7% premarket, off 50% YTD. Comment! [Global & FX]
Sunday, March 3, 4:47 AM Troika officials are returning to Greece today to assess the country's progress on carrying out its bailout commitments, such as privatization, tax reform, bank recapitalization and cutting the public sector. The visit comes after Russell Investments said it would take the unprecedented step of downgrading Greece to an emerging from a developed market. The change is due to take effect in June. (PR) 21 Comments [Global & FX, Top Stories]
Monday, January 21, 9:00 AM Greece might be finally turning things around, says Morgan Stanley analyst Daniele Antonucci. While the country isn't actually recovering, the huge uncertainty that was caused by fears of a Grexit and other factors, and which was destroying economic activity, has been removed. The recession is alleviating, Greece is becoming more competitive and it's almost achieved a primary surplus. 20 Comments [Global & FX]
Monday, January 14, 9:51 AM Eurocrats are patting themselves on the back, and investors are back in the business of buying low and selling high, but the EU remains in recession, particularly in the periphery. In Greece, trees are disappearing from public lands as citizens - their utilities cut off - hunt for wood to heat their homes. It's a phenomenon last observed during the German occupation in the 1940s. GREK +44% Y/Y. 4 Comments [Global & FX]
Wednesday, December 19, 2012, 8:21 AM Crisis over? The ECB again begins accepting Greek government paper as eligible collateral for borrowings from the central bank. Stocks in Athens +3.6%, with the banks +8.9% in wake of this news and the S&P upgrade yesterday. NBG +5.3% premarket. Comment! [Global & FX]
Tuesday, December 18, 2012, 1:19 PM Greece's credit rating is raised to B- from Selective Default by S&P, which takes the action after the country's successful buyback of its debt at pennies on the euro. "The upgrade reflects our view of the strong determination of the (EU) member states to preserve Greek membership in the eurozone." 3 Comments [Global & FX, Breaking News]
Tuesday, December 11, 2012, 8:18 AM Despite a 72% 6-month rally in the Greek ETF (GREK), the country's shares remain cheap, says portfolio manager Mebane Faber. No surprise, the CAPE (cyclically-adjusted PE ratio) for Greece is a crazy-low 2.5 - going back 30 years, Faber finds countries with a CAPE below 10 had average returns over the next decade of 10.9%, double those of countries with CAPEs between 20 and 25. Comment! [Global & FX]

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