S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Investing

National Bank of Greece and Euros Cheer Papademos As Greek Prime Minister (NBG, FXE)

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

National Bank of Greece SA (NYSE: NBG) is surging on news that banker Lucas Papademos has been named as the new Greek Prime Minister.  The 64-year old will replace outgoing Prime Minister George Papandreou as a part of the 130 billion Euro financial aid package approval to help the country’s finances.

As a part of his taking office, Papademos is saying that the interim Greek government aid deal is critical to the country’s future in the Euro and that the interim government must approve the deal on the table and more importantly it must agree to the proposed reforms and austerity measures.

National Bank of Greece shares are up over 9% in local Athens trading and shares are indicated up 7.3% at $0.59 in New York trading for its ADRs.

Whether or not you trust the Greek move or not is up to you, but the market today is telling you that this is good for Greece.

We would encourage you to participate in a quick poll that is targeted around determining the future of the Euro.

The Euro is trading higher this morning and the CurrencyShares exchange-traded fund that tracks the Euro is up by 0.6% at $135.84 this morning.  The Italian ten-year yield is even back under 7% this morning.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

Continue Reading

Jon C. Ogg |

When Dealing With Greece Becomes Impossible

Why do the Europeans, and anyone else for that matter, continue to play this ongoing shell game with Greece?
Paul Ausick |

Greece May Require Third Bailout

Greek Prime Minister Lucas Papademos told an Italian interviewer that the country may need a third bailout package from fellow…
Douglas A. McIntyre |

Institute For International Finance Close To Greek Deal

The IIF, acting on behalf of the private holders of Greek sovereign paper says it is close to a deal…
Jon C. Ogg |

Two Strategists Still See Grexit Possible (or Likely)

thinkstockGreece has reached a deal that will allow it to remain in the euro currency. Or has it? A lot…
Trey Thoelcke |

Greek Prime Minister Pushes for “Final” Austerity Measures

thinkstockGreek Prime Minister Antonis Samaras says that Greece could be ousted the eurozone if the debt-laden country’s parliament fails to…
Jon C. Ogg |

11 Ways the EU Could Force Greece Into a Deal

After Greece failed yet again to reach a deal with European leaders, it is time for the Europeans to accept…
Douglas A. McIntyre |

How Fast Things Change: Greeks Go to the Polls

The Greek government stabilized when the nation’s long-time prime minister, George Papandreou, resigned last November. His father and grandfather had held the…
Jon C. Ogg |

NBG Trifecta – Earnings, Management Change, Tsipras Meeting in Germany

thinkstockNational Bank of Greece S.A. (NYSE: NBG) has another new management team. Investors are deciding whether a new team being…
Trey Thoelcke |

Wrangling over Bailout Continues as Greeces Inches Toward Default

ThinkstockAfter months of wrangling, disagreement and partial compromise, Greece does not have the money it needs to avoid default. The…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618