I'm a buyer on any weakness at levels under $4.00. NBG has taken prudent steps in past years to diversify its earnings so it isn't solely dependent on the Greek economy. Its last quarter income came 47% from outside Greece, especially Turkey where economic growth is projected to outpace most of Europe. I see this stock around $8.00 in 16 months.
Greece already has the 40 billion Euro backstop with some pretty favorable rates. This news alone should have moved the stock up fast. The word on the street is that there were too many shorts that would have gotten burned very bad so the subsequent downgrades. The backstop all but guarantees no BK. Rumor is that NBG is having a good quarter, just like all the other banks. Also, the pressure to hold NBG down to let shorts out is ending. There could be a big up move very soon.
Again the unexpected 40 bill Euro backstop put a fork in the shorts and caught them by surprise.