National Bank of Greece ADR (fka NBGGY)

[dabonenose]

"European sovereign debt concerns resurfaced after Portuguese bonds tumbled as concern deepened over missed debt payments by a company linked to Banco Espirito Santo, Portugal's second-largest bank. European bank stocks plunged with Banco Espirito Santo down 11% and Espirito Santo Financial Group SA, which owns 25% of the lender, down 9% before trading was halted. The company suspended trading in its stocks and bonds, saying it is "currently assessing the financial impact of its exposure" to Espirito Santo International, which has missed payments on short-term obligations. While Portugal's central bank said Banco Espirito Santo SA is protected after its parent missed debt payments, Moody's Investors Service downgraded a company in the group citing a lack of transparency and links to other companies".

Probably affecting the "Have-Nots" banking sector, ie. Spain, Greece, Portugal, etc.

JMO