National Bank of Greece ADR (fka NBGGY)

[IL Padrino]

How I understand the way the bail-in would work is that the banks which are holding government bonds would need to sacrifice in some way, maybe by taking an interest cut or an actual cancellation of bonds.

How this affects us is that would decrease the overall value of the bank itself which is related to earnings/market cap and affects the share price.

The only way they can make more money off of us is through dilution. They've already done that and I don't expect any more.

I think we can relax about this part of the agreement. The banks are going to be injected with capital and things will start getting back to normal. We should see a healthy rise in PPS from here on out.