Monster Recovery for National Bank of Greece (NBG, EWP, EWI)

The reports are out that Greece paid much lower rates for 6-month treasury bills where it raised about 1.3 billion Euro at a rate of only 4.55%.  When you consider that Spain’s borrowing rates have hit a high since December, this is a standout.  Greece paid closer to 5% about one month ago.

Spain’s IBEX 35 was down almost 2% earlier today while the iShares MSCI Spain Index (NYSE: EWP) was challenging 52-week lows but is now down only 0.2% at $26.93.  The iShares MSCI Italy Index (NYSE: EWI) has recovered from its lows and is down 0.7% at $11.89.

JON C. OGG

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