National Bank of Greece ADR (fka NBGGY)

[fourdueces]

Tispris comments have been very alarming. Many in the ECB and Germany really didn't want him to win nor do they trust him. He has already stated that there should be some changes of the bailout that he will try to negotiate. Not the banking bailout, but other sectors. ECB responded saying that there will and can't be any changes. Really the creditors have more power then the prime minister as of now. But if any delay happens in the bailout with him trying to change stuff that will cause a delay in the bailout. Any delay will force this into 2016. 2016 they new banking laws made by the ECB kick in. Making tax payers not on the hook for a bailout but investors. Those causing a bail in that could wipe out all shareholders. Not saying that will happen and if it was, there are legal challenges to that. But that is the fear. Also the fact that as long as this continues, NBG can't write phantom bonds to themselves to keep them afloat. So there is a lot of fear that any delay will cause the other more unstable banks to go into bankruptcy. Which if any do, it will cause a sell off of all. On a good note the interest rate on shorts went up today. I got a notice on my interest rate on shorts on preferred where I'm down close to 14K in my position. That's a great notice to receive when your crushed in the position like me. Lol.