National Bank of Greece ADR (fka NBGGY)

[zoobadooba]

Let's talk

So NPls are 45%. 55.7 of those have been written down, so less than a quarter of loans are unsecured. Say at the absolute worst, the value of these unsecured loans are half of what they say. How the hell would there be a justification to do recapitalization? We are selling off parts of the the business, like insurance, some of these loans are selling, revenue is being generated, profit is being made, and cash is being accumulated. So please, someone play devil's advocate here. Why would we need to recapitalization further?