More Concern for National Bank of Greece

Banking, finance, and taxes

Published: July 2, 2013 12:57 pm

Last Updated: March 23, 2020 9:56 am

The ADR shares of National Bank of Greece SA (NYSE: NBG) are having yet another rough day. News that the nation of Greece may not receive bailout funds is not helping matters for the troubled bank. As far as what the real “unavailable” means, this is still something yet unknown but it is taking a toll on what is already a bad situation.

Mid-day trading in New York has NBG shares down another 4.4% at $3.145. The only good news is that this is not a 52-week low against the adjust trading range of $2.94 to $32.50.

We had previously shown short sellers swarmed in on NBG shares. That may have been due to the restructuring and reverse split, but perhaps the latest round of Greek woes is not helping matters either.

When the Democratic Left withdrew from the government coalition, it increased the chances and likelihood that Greece could have another no-confidence vote that could disband parliament and create another round of elections. If another round of elections come about, doesn’t it seem almost certain that someone will run on the anti-Euro platform?

We will be watching shares of NBG closely, as well as the drop of more than 2% on the Global X FTSE Greece 20 ETF (NYSE: GREK).

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