Seeking Alpha

National Bank of Greece SA (NBG)

  • Thu, Apr. 2, 3:06 AM
    • Looking to end its standoff with creditors to unlock funding, Athens has handed the eurozone and IMF a more detailed plan for revising its bailout program.
    • The list is a "very long way from being a basis (for a deal)," a eurozone official said. "They should negotiate in competence and good faith with the institutions first, and then we will see."
    • Yesterday, the ECB raised its cap on emergency liquidity assistance that Greek banks can draw from the country's central bank by €700M, increasing the ELA ceiling to €71.8B. The central bank has been raising the cap in increments to keep pressure on Greece to strike a deal.
    • ETFs: GREK
    | Thu, Apr. 2, 3:06 AM | 10 Comments
  • Tue, Mar. 31, 8:20 AM
    • Greece needs to reach a new bailout deal with the troika soon as it's set to soon run out of cash, but, according to Reuters, negotiations in Brussels have ended without an agreement. One Greek official says the process isn't broken, just slow-moving, and - assuming progress is made in Athens on reforms - talks could open up again next week.
    • Goldman says the risk of Grexit is rising sharply, and with it the risk of unintended consequences. “Deposit flight exceeds previous episodes and the resulting tightening in financial conditions is a severe shock for an economy,” says Goldman's Robin Brooks, but for now the market is ignoring as there's been no spread to the rest of the EU periphery.
    • Mark Mobius, meanwhile, is a buyer now. "Greece will remain in the eurozone. There is no question." The banking sector looks particularly tasty, says Mobius, and he's long National Bank of Greece (NYSE:NBG).
    • GREK +1.7% premarket
    | Tue, Mar. 31, 8:20 AM | 12 Comments
  • Thu, Mar. 26, 12:34 PM
    • Roughly €8B exited the banking system in February, bringing total deposits to €152.4B, the lowest level since June 2005. Over the last three month period, about €25B in deposits has been pulled out amid fears of capital controls or an exit from EMU.
    • In the meantime, the government is rushing to put together a list of promised reforms necessary to secure more creditor cash to keep paying bills, and the ECB yesterday boosted the amount of money Greek banks can borrow under the ELA to €71.1B from €69.8B.
    • Source: WSJ
    • GREK -1.4%, NBG -3.7%
    | Thu, Mar. 26, 12:34 PM | 3 Comments
  • Wed, Mar. 25, 3:05 AM
    • Unless it secures fresh aid, Greece risks running out of cash by April 20, a source told Reuters, leaving it little time to work out a deal with its EU creditors.
    • Earlier this week, Greek PM Alexis Tsipras discussed reforms with Germany's Angela Merkel and promised to present a detailed list of proposed overhauls by Monday, but new pressures are popping up.
    • Yesterday, the ECB instructed Greece's largest banks to refrain from increasing their exposure to Greek government debt, posing a severe challenge to the nation’s government.
    • ETFs: GREK
    | Wed, Mar. 25, 3:05 AM | 6 Comments
  • Tue, Mar. 24, 3:34 PM
    • The Greek government may not have the cash to meet a €460M repayment due to the IMF on April 9, says Deutsche Bank, noting tax revenues running more than €1B below target.
    • For Athens to secure new funds, parliament will have to approve a long list of reforms demanded by the country's creditors, a tough task given the lack of progress since February's hail-mary agreement, which - it turns out - kicked the can less far down the road than even the pessimists thought.
    • As for the banks, they're rapidly running out of liquidity, with deposit flight rising to new highs alongside increased talk of capital controls.
    • Deutsche concludes on an optimistic note: "Our baseline remains that a resolution can be reached."
    • GREK +3.7%, NBG flat
    | Tue, Mar. 24, 3:34 PM | 21 Comments
  • Mon, Mar. 23, 9:11 AM
    | Mon, Mar. 23, 9:11 AM | 2 Comments
  • Thu, Mar. 19, 9:16 AM
    | Thu, Mar. 19, 9:16 AM | Comment!
  • Thu, Mar. 19, 8:10 AM
    • Estimates say banks lost between €350M-€450M yesterday after a statement by the head of the Eurogroup about the chance of imposing capital controls, according to a report from Stratfor.
    • Meanwhile, a poll says 58% of Greeks believe Syriza is not following through on its campaign promises, and 50.5% aren't pleased with the course of the country's debt negotiations.
    • GREK -3.2%, NBG -6.6% premarket
    | Thu, Mar. 19, 8:10 AM | 14 Comments
  • Wed, Mar. 18, 12:45 PM
    | Wed, Mar. 18, 12:45 PM | Comment!
  • Wed, Mar. 18, 9:12 AM
    | Wed, Mar. 18, 9:12 AM | Comment!
  • Tue, Mar. 17, 1:19 PM
    • The next headline risk could come Monday, says Morgan Stanley, after Greek PM Tsipras meets with Angela Merkel in Berlin.
    • "The economy is now shrinking, tax revenues are falling short of targets, bank deposits are leaving the system and political volatility seems on the rise, both domestically and in the relations with official lenders."
    • While not believing Greece wants to exit EMU, a misstep could force the country out, says Morgan. With a funding gap, no backstop, and no market access, paying the IMF loan and interest on the Greek bonds held by the ECB could become challenging.
    • While a Grexit won't be a non-event, says the team, the impact will be more easily contained than had it happened a couple of years ago. It could even be positive for European growth.
    • GREK +2.6%, NBG +0.8%
    | Tue, Mar. 17, 1:19 PM | 5 Comments
  • Wed, Mar. 11, 2:03 AM
    • Greece is poised to tap into more than half a billion euros sitting at the Hellenic Financial Stability Fund - the bank rescue vehicle that was used in 2012 to recapitalize its main lenders - as it scrambles to find money this month to repay a €1.5B IMF loan and refinance some €3.2B of maturing short-term treasury paper.
    • Shut out of the debt markets and with aid from its lenders on hold, Athens will resume talks today with its creditors in Brussels.
    • ETFs: GREK
    | Wed, Mar. 11, 2:03 AM | Comment!
  • Mon, Mar. 9, 9:12 AM
    | Mon, Mar. 9, 9:12 AM | Comment!
  • Thu, Mar. 5, 9:10 AM
    • "You could easily say the ECB is the central bank of Greece," says Mario Draghi, noting the ECB has lent the country €100B so far, or more than two-thirds of its GDP.
    • QE, however, will have to wait for Greece, as Draghi says the ECB cannot buy that sovereign paper at the moment (it's junk-rated). As for the rest of Europe, the ECB will buy even paper that has a negative yield (and there's plenty of it in Germany). The central bank, he says, will buy debt all the way down to the current deposit rate (which is at -0.20%).
    • NBG +2.8% premarket, GREK no trades, but stocks in Athens are marginally lower.
    • Previously: Draghi press conference: QE getting underway next week (March 5)
    • Previously: ECB to raise growth forecasts, lower inflation projections (March 5)
    | Thu, Mar. 5, 9:10 AM | 4 Comments
  • Mon, Mar. 2, 9:15 AM
    | Mon, Mar. 2, 9:15 AM | 4 Comments
  • Fri, Feb. 27, 9:15 AM
    | Fri, Feb. 27, 9:15 AM | 9 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