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GREK

Global X FTSE Greece 20 ETF

6/18/2013, 12:39 AM ET

Quote & Headlines Market Currents StockTalk

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Monday, June 17, 8:40 AM There's a "fraying political consensus" in Greece and it is most assuredly a credit negative factor, Moody's says. Leaders will meet tonight to discuss the shutdown of state broadcaster ERT, an event which has sparked renewed protests and unrest in Athens. Meanwhile, stocks (GREK -7% premarket) continue to struggle as the ASE falls 2%. (previous) Comment! [Global & FX]
Wednesday, June 12, 1:45 PM Stocks in Greece (GREK -3%) fall for a third day as the ASE sheds 3.2% — the index is now down nearly 11% in three sessions. A 24-hour strike called by the country's two largest labor unions in protest of the ERT shutdown has conspired with the failed DEPA privatization effort to dent confidence in what as of today is no longer a "developed market" in the eyes of MSCI. 1 Comment [Global & FX, On the Move]
Tuesday, June 11, 4:12 PM Down ~16% in two weeks, Turkish stocks (TUR) appear likely to remain volatile for the rest of the week despite attempts by the central bank to calm markets. Currently, riot police are driving protestors from Taksim square using water cannons and "enormous amounts of tear gas," after Prime Minister Tayyip Erdogan says he doesn't have "any more tolerance" for the demonstrations. Meanwhile, riot police were out in Greece as well after the government closed state broadcaster ERT sparking protests in Athens and adding pressure to a market (GREK) already stung by the DEPA debacle (I, II). Comment! [Global & FX]
Tuesday, June 11, 10:14 AM Greece's failure to attract bids for gas company DEPA means the country will likely not meet lenders' privatization goals for 2013. The shortfall is expected to be somewhere in the neighborhood of $1B and the country will now "ask the creditors to push back those receipts to 2014," a source tells Reuters. Greek stocks (GREK -4.8%) are taking the news hard, falling 5% again after Monday's sell-off. Comment! [Global & FX]
Monday, June 10, 9:05 AM Greek stocks (GREK) tumble 5% after no one bids for the state-controlled natural gas monopoly Depa which the government is attempting to sell-off as part of a €2.6B privatization program mandated by the EU. 2 Comments [Global & FX]
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]

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