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National Bank of Greece S.A. Message Board

  • mikestarfish mikestarfish Jun 24, 2013 6:01 PM Flag

    This is going back down to $1 after the consolidation - WHY??

    NBG is essentially bankrupt. All it owns are Greek bonds which are essentailly worth zero without the backing of the EU, turkish banking operations, and Greek real estate via mortgages. Why the volatility?? Because the EU are now discussing who will take the losses when the banks in the peripherals such as spain, greece, portugal, etc go bankrupt!!! Guess what no one volunteered. Basically Germany and France the two largest EU members need to step up to the plate and say we stand behind our EU members and will pay for the restructurings, recapitalization, liquidation......etc. But they after much debate no one wants to foot the bill. With earnings looming expect a black hole of losses. Greek economy is still declining and the once profitable turkinsh operations will be the next noose around their necks after the mass rioting the last month!!!! I'm guessing $2.90 going into earnings and sub $2 when they announce earnings.

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