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Banking, finance, and taxes

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

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By Jon C. Ogg Updated Published
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National Bank of Greece SA (NYSE: NBG) is not just up this Tuesday.  It is up huge on a day where most investors would have assumed it would have been down.  While many Euro-nation stocks were lower, the ADRs for the National Bank of Greece are up almost an unbelievable 20% at $2.62 against an adjusted 52-week trading range of $1.64 to $9.05 so far this morning in New York trading.

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

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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