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Investing

NBG as the Proxy for Greece (NBG)

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By Jon C. Ogg Published
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The international markets are on pins and needles awaiting the outcome of the debt swap in Greece.  Some reports have the total coming in well over 70% participation, but there has supposedly been a report on Greek television that the participation rate is now going to be over 95%.  If there is on bogey or proxy in New York trading for Greece’s ups and downs, it is none other than National Bank of Greece (NYSE: NBG).

Take a look at the American Depository Receipt’s movement today, and the fears of an outright default look far better.  NBG shares are up 7.6% at $3.54 at 3:20 PM EST after the cut-off for voting came.

We still have questions about what this truly means for the credit default swap market in the long run, but as we admitted in that pondering… maybe the woes for the CDS market should be more deeply considered in 2013 and beyond rather than at the moment in 2012.

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.

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