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Posted On: 11/03/2015 9:52:56 PM
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National Bank of Greece (ADR) (NYSE:NBG) stock made substantial gains yesterday. The stock surged almost 10%, to close at $0.85. The rally continued in extended trading, with a gain of more than 0.60% as of 06:46 PM EDT. Greece’s largest lender, has offered a debt exchange program yesterday, as it aims to cover a capital shortfall of $16 billion (14 billion euros).
On Saturday, the European Central Bank, after conducting stress tests of Greece’s major banks announced that capital gaps stood at almost 14 billion euros for these banks. The results were derived using a hypothetical model of economic adversity in Greece. Given economic headwinds, Greece’s key banks, including NBG, would require 14 billion euros to plug capital gaps.
The bank followed its peers and tapped alternative measures to meet capital gaps ahead of bank recapitalization. The bank declared that it has plans of exchanging 803 million euros of both senior and junior bonds in return for shares. NBG unveiled its plans via a public statement released yesterday. The exchange program intends to elevate equity capital at banks and limit the existence of debt. Altogether, Greece’s four major banks, Alpha Bank, Eurobank, Piraeus Bank, and National Bank of Greece have announced debt exchange options worth 3.4 billion euros.
Read Also:National Bank of Greece (NBG): Technical Analysis
Greece’s banking sector is slowly inching towards better times, with its major banks attempting to improve the state of their balance sheets with capital injections. As the situation in Greece turned sour, depositors were seen drawing out their savings at an alarming pace. As a result, Greek banks were left struggling with dried up reserves, making day-to-day operations considerably difficult.
Now that recapitalization plans for banks have been set in motion, investor sentiment appears to be improving at a steady pace. Following the European Central Bank’s release of stress test results, Greek banking stocks were seen gaining momentum. A number of experts view the conservatism towards Greek banks as an ideal buying opportunity. However, the strategy is more suited for aggressive and risk loving investors.
Significant developments are expected to occur at the turn of the year, as Greece finalizes recapitalization of its banking sector. Significant recovery on the economic front has already commenced. Greece’s economic picture, compared to what it looked like over the summer, is comparatively better.
The country’s purchasing manager’s index, more commonly referred to as PMI, has made substantial gains from its record low level in July. A country’s PMI indicates the level of economic growth, and is a key metric for asserting economic development. Greece’s latest PMI data shows that economic growth has rebounded to the highest level since May. Having said that, the present PMI at 47.3 is still significantly below the benchmark of 50. However, economic development has been much better than was anticipated earlier by international creditors.
National Bank of Greece (ADR) (NYSE:NBG) stock made substantial gains yesterday. The stock surged almost 10%, to close at $0.85. The rally continued in extended trading, with a gain of more than 0.60% as of 06:46 PM EDT. Greece’s largest lender, has offered a debt exchange program yesterday, as it aims to cover a capital shortfall of $16 billion (14 billion euros).
On Saturday, the European Central Bank, after conducting stress tests of Greece’s major banks announced that capital gaps stood at almost 14 billion euros for these banks. The results were derived using a hypothetical model of economic adversity in Greece. Given economic headwinds, Greece’s key banks, including NBG, would require 14 billion euros to plug capital gaps.
The bank followed its peers and tapped alternative measures to meet capital gaps ahead of bank recapitalization. The bank declared that it has plans of exchanging 803 million euros of both senior and junior bonds in return for shares. NBG unveiled its plans via a public statement released yesterday. The exchange program intends to elevate equity capital at banks and limit the existence of debt. Altogether, Greece’s four major banks, Alpha Bank, Eurobank, Piraeus Bank, and National Bank of Greece have announced debt exchange options worth 3.4 billion euros.
Read Also:National Bank of Greece (NBG): Technical Analysis
Greece’s banking sector is slowly inching towards better times, with its major banks attempting to improve the state of their balance sheets with capital injections. As the situation in Greece turned sour, depositors were seen drawing out their savings at an alarming pace. As a result, Greek banks were left struggling with dried up reserves, making day-to-day operations considerably difficult.
Now that recapitalization plans for banks have been set in motion, investor sentiment appears to be improving at a steady pace. Following the European Central Bank’s release of stress test results, Greek banking stocks were seen gaining momentum. A number of experts view the conservatism towards Greek banks as an ideal buying opportunity. However, the strategy is more suited for aggressive and risk loving investors.
Significant developments are expected to occur at the turn of the year, as Greece finalizes recapitalization of its banking sector. Significant recovery on the economic front has already commenced. Greece’s economic picture, compared to what it looked like over the summer, is comparatively better.
The country’s purchasing manager’s index, more commonly referred to as PMI, has made substantial gains from its record low level in July. A country’s PMI indicates the level of economic growth, and is a key metric for asserting economic development. Greece’s latest PMI data shows that economic growth has rebounded to the highest level since May. Having said that, the present PMI at 47.3 is still significantly below the benchmark of 50. However, economic development has been much better than was anticipated earlier by international creditors.
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I'm in it to win it!
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
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