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Devastating Greek news out today:
Possible blood bath tomorrow on NBG shares:
BERLIN (Reuters) - Greek Finance Minister Yanis Varoufakis has described his country as the most bankrupt in the world and said European leaders knew all along that Athens would never repay its debts, in blunt comments that sparked a backlash in the German media on Tuesday.
A documentary about the Greek debt crisis on German public broadcaster ARD was aired on the same day euro zone finance ministers met in Brussels to discuss whether to provide Athens with further funding in exchange for delivering reforms.
"Clever people in Brussels, in Frankfurt and in Berlin knew back in May 2010 that Greece would never pay back its debts. But they acted as if Greece wasn't bankrupt, as if it just didn't have enough liquid funds," Varoufakis told the documentary.
Trading US $1.31 noon time in Greece
Treating US $1.31 noon time in Greece
Look out below ....Creditors reject reform list..... look under "Greek News" and you will find the story.
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.
Another setback 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.
Pre-market and aftermarket are meaningless...... bids and asks are usually good for the day only and after market closes they are pulled out leaving the bid lower and the ask higher..... I have read that when you put a bid in either to buy or sell you cannot see the bid and the ask that is why the lower and higher fluctuations
Down 5% in Greece
trading $1.44 US in Greece
I think the number of posts lately tells you where NBG is headed
NBG treating at $1.39 US in Greece
NBG in Greece.................. opening saw it up .02 Euros
then sharpiy drop .14 Euros......
Currently down 6%
Trading at $1.42 US in Greece
Finished at $1.34 U.S. in Greece
Slow bleed to $1 or less
Down 6% in Greece
Greece's situation is the same as when a person has maximized 3 credit cards and cannot even pay the interest alone and a friend lends money to pay the interest but also charges him an interest-rate,how is he ever going to pay off the cards....
Another thing, many of Greece's people are still using the barter system.... how's the government going to get money from taxation from this system.
Unfortunately I think the reverse is going to happen. Money is being taken out of the Greece banks like there's no tomorrow. Unemployment is high. Greece was in great debt even before the Euro Zone started pumping money into it. How Germany and the other countries are going to get their money back is a mystery to me.....
Look for NBG to be under a dollar in the next four months before the euro zone votes on the next infusion of money
$1.54 equivalent in US after conversion.....
Down 5% in Greece
Wonder how Greece is supposed to collect all this extra money from the people when one of the conditions to getting the bailout was to cut government workers.... lmao
Pushing paperwork through is fairly easy. Getting the people of Greece to go along with the new reforms is a different story..... they've already taken a beating money wise and I don't think a second wave of beating is going to be taking very lightly.....
“We call on the Greek authorities to further develop and broaden the list of reform measures,” Eurogroup leader Jeroen Dijsselbloem said Tuesday. Dijsselbloem urged Greece to move quickly on updating and enforcing its reform proposals over the four-month extension of the country’s bailout, which was essentially rubber-stamped Tuesday.
Careful, keep a close eye:::: read the following Greek news:
"""However, International Monetary Fund head Christine Lagarde was quoted as expressing reservations about the reform proposals.
"In some areas like combating tax evasion and corruption I am encouraged by what appears to be a stronger resolve on the part of the new authorities in Athens," she wrote in a letter to the Eurogroup.
"In quite a few areas, however, including perhaps the most important ones, the letter is not conveying clear assurances that the government intends to undertake the reforms envisaged."
Up 13% in Greece
Everything will be known in 5 days .....
quote from Greek news :::
""""Greece does not want to extend the programme or receive new payments under the existing programme, which ends on February 28.""""
Not looking good:::: From Greek news:::::
Greece will send a list of reforms aimed at securing a bailout extension to EU partners on Tuesday morning, missing a Monday deadline, officials say.
The list must be approved by international creditors to secure a four-month loan extension.
Analysts say the deal's collapse would revive fears Greece will exit the euro.
Minister of state Nikos Pappas says the list will include measures to fight tax evasion and trim the civil service.
But Greek officials have also stressed that there will be policies aimed at fulfilling pre-election pledges to help those hit by years of economic crisis.
Greece's creditors - the European Central Bank, the European Commission and the International Monetary Fund - are expected to deliver their verdict on the proposals later on Tuesday, before the reforms are discussed in a conference call with eurozone finance ministers.
The most important piece of that article is written below.
This is why I'm on the sidelines till first week of March...
But on February 28, Greece's bailout formally ends, unless a rollover is agreed. That is judgement day for Greece, with the ECB as hanging judge or rehabilitation judge.
As a supposedly apolitical central bank, the ECB and its president Mario Draghi will not be relishing their power to determine whether Greece stays or leaves the euro.
February 28, 2015 very important date......
The biggest threat to an orderly resolution of Greece's new debt crisis is that the European Central Bank ceases to fund Greece's banks.
And the ECB may well feel obliged to turn off the tap, since right now it is only financing those banks because the country is officially complying with the terms of its IMF and eurozone bailout.
So at the moment that Greece was deemed not to be in compliance, it is difficult to see how the ECB could continue to provide emergency liquidity assistance to Greek banks.
They would then be in dire straits.
Without the ability to replace lost deposits with cash from the ECB, obtained via so called repurchase agreements or repos, Greek banks would run out of cash - because the uncertainty over Greece's financial future is causing depositors to withdraw billions of euros every week.
Here is where it gets a bit technical, surreal and scary (if you're not scared already).
When Greek banks borrow from the ECB, they hand over part of their holding of Greek government debt as security or collateral. Without this collateral they could not get the money.
But this debt has a junk credit rating, so under ECB rules it should not qualify as collateral for emergency loans.
The thing is that Greece and its banks have a waiver from the prohibition on using junk as collateral, because Greece is deemed to be in compliance with the terms of its 172bn euro eurozone/IMF bailout.
So if there were ever a formal decision that Greece is in breach of bailout conditions, at that point Greek banks would no longer have access to money from the ECB. And at that point, pretty much everything would fall apart in a financial sense for Greece.
Those still with euros in Greek banks would presumably demand their money back - and if there were such a run, the banks would face collapse.
And the moment that Greek banks were unable to swap Greek government debt for euros from the ECB, the Greek government itself would lose its last source of credit.
In those circumstances, it is hard to see how the Greek government could avoid default on its debts not only to lenders but to those from whom it buys services.
At that juncture, the Greek government would have little option but to abandon the euro for a new currency, nationalise its banks, and impose sweeping controls on the export of capital.
It would be out of the eurozone - at who knows what cost both to it, and to the rest of Europe.
Or to put it another way, the ECB has the power of life and death over Greece.
And given that the ECB is one of the troika that monitors whether Greece is in compliance with the bailout, this is a responsibility that it can't delegate to other technocrats.
Presumably the Greek government and the troika have the ability to fudge for a period whether decisions by Mr Tsipras and his team to abandon the privatisation programme represent a formal bailout breach.
But on February 28, Greece's bailout formally ends, unless a rollover is agreed. That is judgement day for Greece, with the ECB as hanging judge or rehabilitation judge.
As a supposedly apolitical central bank, the ECB and its president Mario Draghi will not be relishing their power to determine whether Greece stays or leaves the euro.
This news states that if there is no deal reached by Wednesday that ECB will no longer give money to Greek banks and thus they will collapse
This is what the CEO said in June..... key words in this pr are the """"all important first step """"
I truly believe a golden opportunity exists in our corner of the digital world, where there truly is no leader, to become the top player in the space over time. Today we take that all important first step."
.05 buyout as it sits now .15 by years end
THIS SILENCE HAS BUY OUT WRITTEN ALL OVER IT
They have a gag order because they're in negotiations for a buy out
I THINK SG IS NEGOTIATING A BUY OUT PRICE THAT'S WHY THE COMMERCIALS HAVE NOT AIRED YET
Who's ever selling at this point is a complete idiot
SG ....SILENCE IS NOT GOLDEN HERE
Don't sell. Here is why. The big boys need to get in. Seek has taken a lot of people by surprise and their huge potential has happened very quickly. If no commercial has been seen so far this is a ploy for the retail investors to sell and the big boys are buying up your shares very quickly. When something huge is about to happen some deceptive work will be at play by the people with the big bucks so they can capitalize. Don't be fooled by this commercial delay,hold your shares because this can explode into penny land in one day
Can hardly wait for April 10th and 14th....... uplisting and then conference call.....
PPS should start going up any time now to meet these 2 days so I'd get in now.
hi guys....just bought 550K more....
this stock is unique in it's service and going to make huge profits or be bought out....even if there's a reverse buying at this rate is the bottom....
Why the hurry to another exchange. This company will be $10 in one year without a reverse split and then they can go to the next exchange