National Bank of Greece ADR (fka NBGGY)

[dabonenose]

Malc,,,I think this news is already priced in, however I also think that the shorts may try to use this info to run it down a bit to cover, if they didn't cover in the low 2's.

If you can believe the NBG insiders, they say they have already made much headway since the end of 2013(when the stress test was done), and which the ECB didn't take into acct because it was done in 2014.

Next week should shake this news out, so time will tell all secrets,,,lol.

http://dealbook.nytimes.com/2014/10/26/ecb-stress-test-finds-13-banks-fall-short/

Quote from NY Times article:

"Greece’s banking system was also hit hard, with three banks found short of capital. One, Piraeus Bank, has since raised enough capital to satisfy regulators. The other two are Eurobank, which must raise €1.76 billion, and National Bank of Greece, which must raise €930 million.

But the Greek central bank said on Sunday that because the European Central Bank review did not take into account various restructuring plans the banks have made since the end of 2013, Eurobank and National Bank of Greece are in better shape than those numbers would indicate.

Estimates of what the capital shortfall would be had varied widely, from tens of billions of euros to hundreds of billions. Many banks had already begun protectively shoring up their capital. Banks in the eurozone had increased their capital by about €200 billion since the summer of 2013, according to E.C.B. estimates". ?