35% haircut already priced in is what I have been seeing from most annalists. More damage can be absorbed if NBG prices out a stake in Financibank (sp).
I think NBG can withstand a huge hit here (50% or more) as they have not played all the cards in there hand. Then there is still life and efforts being put into the merger with Alpha behind closed doors. All in all, the only question is weather or not we have found the bottom or not, but this will be a stock that spends a great while advancing in price even when other things in your portfolio do not.
I may not have been playing with fire for as long as some on this board so I have had a much shorter drop. I started in on this after turning a nice profit on the IRE pop. Keep inching down and sell the spikes in price on good news, when you think we have not found the floor, and you will come out smelling like a rose. I managed to make 22% when the merger news showed up and vanished and then began averaging back in again on the way down to this new 52 week low. Keep your confidence, its what makes or breaks a good investor.