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double trouble. The recap money may not be released till November 9. On November 9 shortselling ban in Greece will be lifted
ADR fees will be assessed regardless of the pps. Might as well consider it a tax.
If there was ever an instance where politics screwed up a stock, ALBKY is it. Merkel's actions directly destroyed ALBKY. Will be interesting to see how she handles VW.
ALBKY vs EGFEY (It's Greek banks comparison)
1)ALBKY and EGFEY are both Greek banks.
2)EGFEY is Eurobank
EGFEY=$0.0176 as of 10/23. EGFEY is doing better,
Greek economy is getting better.
EGFEY is Greece's prestigious bank stock, EGFEY is one of the largest bank in Greece. It owns more than 500 branches, 820 ATMs. Its total assets is 75.5BL Euro.
EGFEY has more upside potential because its pps is the lowest.
EGFEY stock is at super bargain price.
The above is Greek banks comparison.
ALBKY vs NBG (It's Greek banks comparison)
1)ALBKY and NBG are both Greek banks.
2)NBG is National Bank of Greece.
NBG=$0.81, UP 15.71% on 10/16/2015 because NBG is doing better,
Greek economy is getting better.
NBG is Greece's most prestigious bank stock, NBG is the largest bank in Greece.
NBG is a STRONG BUY.
NBG is a NYSE big board stock, NOT an OTC stock. AND this is GOOD.
NBG stock is at super bargain price.
I anticipate that we may not have to wait that long to see some movement on this stock. By the end of the year I believe we will know, but hopefully earlier. The recapitalization analysis is due at the end of the month. Regardless of the findings, I believe that since the Greek government itself already owns a large portion of all the banks and that nationalization has been taken off the table by the economic minister we should be looking better soon.
Do you have any thoughts on the possible ADR fees that could be assessed in the future?
ALBKY is bottomed out. The new deal between Greece and the EU was a tough one but none the less, Greece is still in the EU and rolling with the euro.
The restrictions in the austerity measures were both negative and positive.
The limitations placed were a positive, Greece can't dig itself further into the hole, they can only build a ladder and climb out. Taxes are inevitable regardless of where a person lives in the world they have to pay
some form of tax, they have been raised
Which is the biggest negative but necessary.
Rates need to be dropped and adjusted for current loans so people can afford to pay rather than default. Lending has slowed tremendously which is always a double edged sword.
I recently went to Greece and their tourism industry has not faultered, people from all over the world were visiting the mainland and the islands.
Now we wait and see what happens, time is on my side.
I have been pleasantly surprised that ALBKY has not dropped further in this down market. It seems that .035-.04 is the rock bottom. I think that we can only go up from here.
GL
Tomorrow over will be .05 Cents and .07 or .08 by the end of the month...
Go ALBKY and good luck longs...
Looking good here. Interested in Greece.
A letter from Insight CEO
If you have clients wishing to travel to Greece, we would like to reassure them that the destination is very much open for business and warmly welcoming visitors. All of our journeys to Greece are operating as usual and remain uninterrupted by recent events.
Insight Vacations CEO John Boulding, has just completed a week's family vacation in Greece and wants agents and travelers to know just how amazing the destination is to visit.
"Any negatives you are hearing as far as tourism travel goes are completely misconceived. We had absolutely no issues at all. Everything worked from ATMs to paying bills by credit card, from transport to shops and restaurants, which were all busy by the way.
The Greeks, as always, were super hospitable. The politics are just that, politics and they have no influence on the tourist experience. The main thing to know is that the Greeks want you there and they really do need tourism, right now."
- John Boulding, Insight CEO
Go ALBKY
Another 500k Plus trade @ 0.039
Go ALBKY
Yay!, ALBKY is back on the Pink Sheets with a bid and ask! No more grey market.
The next week or two should be interesting.
Greece sets parliament vote on reform commitments to EU (7/09/15)
By Renee Maltezou and John O'Donnell
The Greek government will seek a parliamentary vote on Friday to endorse immediate reform commitments it is offering euro zone creditors in a race to win a new loan and avert bankruptcy and a possible exit from the euro zone.
A Greek official said lawmakers would be asked to authorize the leftist government to negotiate a list of so-called "prior actions" it must take before aid funds are disbursed, a key step to convince skeptical lenders of its serious intent.
The announcement came as Prime Minister Alexis Tsipras prepared to send a detailed reform plan to the head of Eurogroup finance ministers before a midnight deadline in hopes of winning a deal to prevent a looming bank collapse and stay in the euro.
Greek banks have been closed since June 29, when capital controls were imposed and cash withdrawals rationed after the collapse of previous bailout talks.
Germany, the biggest creditor, meanwhile took a small step towards Athens by conceding that Greece will need some debt restructuring as part of a proposed new three-year loan program to make its economy viable.
The admission by German Finance Minister Wolfgang Schaeuble came hours before a midnight deadline for Athens to submit a reform plan meant to convince European partners to give it another loan to save it from a possible exit from the euro.
Greece has already had two bailouts worth 240 billion euros from the euro zone and the International Monetary Fund, but since the crisis started its economy has shrunk by a quarter, unemployment is more than 25 percent and one in two young people is out of work.
Schaeuble, who makes no secret of his doubts about Greece's fitness to remain in the currency area, told a conference in Frankfurt: "Debt sustainability is not feasible without a haircut and I think the IMF is correct in saying that.
But he added: "There cannot be a haircut because it would infringe the system of the European Union."
He offered no solution to the conundrum, which implied that Greece's debt problem might not be soluble within the euro zone.
But he did say there was limited scope for "reprofiling" Greek debt by extending loan maturities, shaving interest rates and lengthening a moratorium on debt service payments.
Schaeuble also complained that he had not seen any sign of "prior actions" by the Greek government. Friday's vote should go some way towards disarming such criticism, although a further vote will be required to turn the "prior actions" into law next week if an agreement is reached, the Greek official said.
DEBT RELIEF CHORUS
European Council President Donald Tusk, who will chair an emergency euro zone summit on Sunday to decide Greece's fate, joined growing international calls for Athens to be granted some form of debt relief as part of any new loan deal.
Tsipras chaired a marathon cabinet meeting to finalize a package of tax hikes and pension reforms to send to euro zone authorities in a scramble to secure agreement at the weekend on a third financial rescue.
The leader of his junior coalition partner, Defence Minister Panos Kammenos, told reporters the Greek proposal had been approved by the cabinet and would be submitted shortly.
Tusk said a realistic proposal from Greece will have to be matched by an equally realistic proposal on debt sustainability from the creditors.
"Otherwise, we will continue the lethargic dance we have been dancing for the past five months," he said.
Failure to reach a deal on Sunday, including releasing some money to enable Athens to cover debt service over the next few weeks, could lead to a collapse of Greek banks next week.
If there is no agreement, all 28 European Union leaders will discuss measures to limit the damage from a Greek collapse, including humanitarian aid, possible border controls and steps to mitigate the impact on neighbors, EU officials said.
Just how uncertain the coming days are was highlighted when
European Central Bank President Mario Draghi voiced highly unusual doubts about the chances of rescuing Greece.
Italian daily Il Sole 24 Ore quoted the ECB chief, under growing fire in Germany for keeping Greek banks afloat, as saying he was not sure a solution would be found for Greece and he did not believe Russia would come to Athens' rescue.
Asked if a deal to save Greece could be wrapped up, Draghi said: "I don't know, this time it's really difficult."
The ECB is keeping shuttered Greek banks afloat with emergency liquidity capped until the weekend.
Even France, Greece's strongest supporter in the euro zone, acknowledged it was working on scenarios for a Greek exit from the currency area if weekend efforts to clinch a deal fail.
Under the agreed timetable, the leftist Greek government, which formally applied on Wednesday for a three-year loan from the European Stability Mechanism bailout fund, has until midnight to present convincing, detailed reform proposals.
Having won a thumping referendum majority to reject the austerity terms of a previous bailout plan, fired his turbulent finance minister and secured support from opposition party leaders, Tsipras is in a stronger position to impose tough measures and face down resistance at home.
But in a sign of the some of the challenges he will face, the leader of the far-left wing of his Syriza party came out to denounce any imposition of harsh measures on Greeks.
"We don't want add to the past two failed bailouts a third bailout of tough austerity which will not give any prospects for the country," Energy Minister Panagiotis Lafazanis said.
According to Athens daily Kathimerini, Greece is planning a reform package worth 12 billion euros over two years, more than previously planned to offset a return to recession after months of difficult negotiations with creditors.
Instead of growing by 0.5 percent this year, months of uncertainty and almost two weeks of capital controls mean "there are estimates of a recession of about 3 percent", Kathimerini said. Greece emerged only last year from a deep recession that shrank its economy by a quarter over six years.
European officials told Reuters on Wednesday that some large Greek banks may have to be shut and taken over by stronger rivals as part of a restructuring of the sector that would follow any bailout of the country.
One official said Greece's four big banks -- National Bank of Greece, Eurobank, Piraeus and Alpha Bank -- could be reduced to just two, a measure that would doubtless encounter fierce resistance in Athens.
German Bundesbank chief Jens Weidman said capital controls should remain in force in Greece until there was any deal, and that the ECB should not increase its liquidity assistance for Greek banks, without which they may collapse next week.
http://www.reuters.com/article/2015/07/09/us-eurozone-greece-idUSKBN0P40EO20150709
Chances of Grexit 40%: Billionaire Wilbur Ross (7/07/15)
There's a 60 percent chance Greece will stay in the euro zone because an exit and return to the drachma would be even worse, billionaire distressed asset investor Wilbur Ross said Tuesday—as European leaders were meeting in Brussels to discuss their next moves.
"The drachmaization would be terrible for the whole country, including for the banks," because euros in accounts outside the country and "under mattresses" would not come back into circulation," he said. "My guess is you would have the drachma trading somewhere between 25 cents to 50 cents on the euro. So it would be a pretty bad haircut for the people."
Ross told CNBC he believes the new reforms-for-baillout aid offer expected from Greece Prime Minister Alexis Tsipras will be in the ballpark. At the end of the day, Germany wants Greece to stay in the zone, because an exit would set a precedent for other troubled nations in the union, he added.
"All the polls I've seen show a clear majority of the Greek people want to stay in the EU. Now, it's also true that they don't want austerity and those two are logically inconsistent. But certainly the impetus of the vote was not to get out of the EU, and Mr. Tsipras made clear that that was not his intention either," said the chairman and CEO of WL Ross & Co., which is part of a group of investors that poured $1.8 billion into Greece's Eurobank in 2014.
Tsipras promised voters a reforms-for-cash deal with creditors within 48 hours of Sunday's pivotal referendum, which had asked citizens to vote on whether to accept the terms of an existing international bailout offer. A surprise 61 percent of Greeks voted against the proposals from creditors, which entailed austerity measures and many spending cuts.
"We're about halfway there now and I hope he will be able to keep his promise," said Ross.
While negotiations play out, the banks in Greece have as little a few days or maybe a week before they run out of money, Ross said.
He said the banks were already running out of 20 euro bills to dispense at ATMs—forcing branches to give out 50 euro bills instead of three 20s. Under capital controls, depositors can only withdrawal 60 euros ($65) at a time.
Greek banks—which have been closed for more than a week to prevent an exodus of cash that could risk their collapse—are expected to remain shut until Friday, according to Reuters.
Ross, however, is unconcerned about the risk of a bank run when they do re-open. "In the context of the deal there would be no reason for a big run on the banks. And I just don't think that that's in the cards."
Now if they don't make a deal, and you do have a collapse in the economy, that could be a very different situation. But it doesn't feel to us as though that's what is going to happen," he added.
When asked how long it would be before he considered selling his stake in Eurobank, Ross said it would be a while. He's still hopeful that he can make money on his investment despite the increasingly precarious state of the country's banking sector.
"The last quote on Eurobank stock was a tiny fraction of its book value just before they announced the moratorium and the suspension of trading. So certainly at any kind of price like that, one would be more sensible probably to be a buyer than to be a seller," he said.
Before the interruption of the bailout talks, Greek banks were making fundamental progress, Ross noted.
"Assuming the talks go through, the ELA [emergency liquidity assistance] money will become available to the banks that will get back to business like usual, and there will be a restoration of liquidity to the economy," he said
"You can't have successful banks without a successful economy, and you can't have a successful economy without successful banks. So their fates are inextricably entwined," he stressed.
http://www.cnbc.com/id/102813043
[Clink on link to view video]
I bought 50,000 shares at .061 right before trading was halted. I hope they come to a resolution in the next few days so when they resume trading this will pop.
gl.
Large egfe@ for a couple weeks in @ low .07s we shall see...
No worries. I didnt read anything about any signed deals. Guess I'll have to look closer. T
Sorry. Leaving the eu. There's been a lot of chatter about it and the deal Greece signed with Russia today is viewed as another step in that direction.
Edit, No profit on Albky but did ok on other.
This article by bloomberg says nothing about dropping the Euro at all. Where did you hear this?
http://www.bloomberg.com/news/articles/2015-04-08/tsipras-returns-to-reality-after-putin-with-greek-cash-depleting
Still glad I took my profits, but these may be playable for a time yet. We shall see. I'm out for now. GL, T
If True, I Couldnt of timed selling this and egfe@ yesterday any better. Took my profits. Makes no sense to me, but I guess Commies are just lazy bastards that dont want to work for a their dime.
Greece exiting the euro. They just signed a deal with Russia. Going full blown communist. If so this stock going to $0 as Greece (Russia) just gonna take control of it.
May have already seen the bottom would be my guess
Back in @ .0901 I must be cwazy........
Not looking good for banks.
By Yiannis Papadoyiannis
The European Central Bank is calling for changes regarding the recognition of banks’ deferred tax assets, effectively raising the prospect of fresh share capital increases.
Sector sources say that Frankfurt views the level of deferred tax assets acknowledged as part of the banks’ capital as unrealistic and excessive and is asking for a drastic slash.
Following a legislative intervention aimed at strengthening lenders’ capital, they were given the option of including a major share of the deferred tax in their capital assets.
However a large part of domestic banks’ capital (and therefore their all-important capital adequacy levels that the ECB uses to assess banks’ health) currently concerns the tax deferred from loss-making years to profit-making ones, rendering this share of capital purely theoretical.
Therefore the ECB has reopened the issue of deferred tax, according to bank officials, asking for a reduction in the acknowledged amount, which in practice means banks will have to cover the difference by raising fresh capital from the market. However, at the current financial juncture and given the major uncertainty regarding the government’s relationship with its creditors, there is effectively no chance of banks getting the necessary capital from private investors.
Institutional gambling on Greece article:
http://www.cnbc.com/id/102439437?__source=yahoo%7cfinance%7cheadline%7cheadline%7cstory&par=yahoo&doc=102439437#.
And to you as well sir.
Gonna keep a close eye on Alpha.
Will look into others. Good luck to you brother.
The next few days should be very interesting.
Hoping that these Greeks come to their senses. Ireland was the first to swallow the medicine and bitterly embraced their imposed austerity measures.
Ireland is also the first of the PIIGS to show real signs of economic improvement.
My basket also includes Nat'l Bank of Greece and Pirateus.
Greece just reached an agreement in principle. Was on CNBC. Not sure how it fares for ALBKY. Can't be negative IMO
I am think maybe in a few weeks before taking a position
i saw some buying around 3 EST yesterday so I bought. looks like a good decision. so far...
I think it's the right time to watch still
obviously. this is bad for greece. good for the eu if they leave as the greek economy is weak and a drain on the eu. but ya socialist country lying to their people saying things will better under them...bad news for stocks here at this time. until there's some real assurances that the socialist isn't actually going to be socialist, then this is a no touch IMO.
I get that, but how is he actually going to accomplish that? Where will he the funds? All business will leave. He wont get any support from the ECB and he will have no way of accomplishing anything. He is full of shiz and lies just like every other ultra socialist country.
Businesses don't have a choice if the gov't wants to nationalize them. The new Greek gov't has already stopped all privatization in their first couple of days in office. The next logical step is they're going to nationalize existing businesses. This government is socialist, that's what they ran on, they said they were going to do this, and they don't care if they leave the eu (great for EU, bad for Greece). Lots of issues here. There's a reason why everyone is running for the hills here.
i think youre wrong on that one. why? they have enough funds to prevent that. it was confirmed in 2013.
Maybe if it gets to a penny but the socialist government is suspending privatization so likely banks getting nationalized and this goes to 0
this is where the bottom feeders dwell...im buying.
think this may be the right time or what? lol
Still watching closely might take a position before end of 1st quarter
Got in on Friday .12's and .14's today.
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Alpha Bank Group is active in the domestic as well as in international markets, having presence in Cyprus(Alpha Bank Cyprus LTD), Romania (Alpha Bank Romania), Bulgaria (86 Branches), Serbia (Alpha Bank Srbija A.D.), Ukraine (JSC Astra Bank), Albania (42 Branches), F.Y.R.O.M. (Alpha Bank A.D. Skopje) andUnited Kingdom.
At the same time, we maintain a wide network of respondents with foreign and domestic credit institutions.
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