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National Bank of Greece SA (NBG)

  • 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
  • Wed, Jul. 1, 9:18 AM
    | Wed, Jul. 1, 9:18 AM | 5 Comments
  • Tue, Jun. 30, 6:08 PM
    • A midnight deadline arrives for Greece, bringing a default on its IMF financing.
    • The country missed a €1.6B payment, technically making it in arrears and the first developed country to default to the IMF.
    • Hours ago, PM Alex Tsipras proposed a two-year deal with the European Stability Mechanism, but Europe wasn't interested.
    • ETFs: GREK
    | Tue, Jun. 30, 6:08 PM | 86 Comments
  • 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.
    | Tue, Jun. 30, 10:54 AM | 16 Comments
  • 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.
    | Tue, Jun. 30, 8:07 AM | 10 Comments
  • Mon, Jun. 29, 3:47 PM
    • "The EU treaties make no provision for euro exit and we refuse to accept it," says Finance Minister Yanis Varoufakis. "Our membership is not negotiable ... The Greek government will make use of all our legal rights."
    • His comments come as Europe's leaders threaten to force Greece out of EMU if citizens vote "no" in Sunday's referendum. Varoufakis says the country has enough money to keep going until Sunday, but capital controls and the bank closures are making things difficult.
    • While European leaders express confidence Greece is "ring-fenced," British and U.S. authorities don't necessarily share those feelings.
    • European Commission President Jean-Claude Juncker injects himself into Greece's internal politics, warning voters not to "commit suicide" with a "no" vote. He denies the troika is demanding pension cuts as part of a deal, a claim called a "preposterous lie" by one Greek official.
    • Source: Ambrose Evans-Pritchard
    • GREK is at session lows, down 20%. NBG -24%, [[CCHGY]] -3.7%
    • In other news, S&P downgrades Greece from CCC to CCC-, putting the odds of a Grexit at 50%.
    | Mon, Jun. 29, 3:47 PM | 153 Comments
NBG vs. ETF Alternatives
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