The nation is rapidly running out of cash, so the Greek government tried to assuage some fears of an imminent default on its debts by authorizing the treasury to pay a significant loan installment to the International Monetary Fund on Tuesday, according to the New York Times.
The treasury will pay 757 million euros, or about $848 million.
Eurozone finance ministers, IMF representatives, and the European Central Bank met Monday and noted that Greece has made some progress on a proposed list of economic overhauls since a meeting two weeks ago in Latvia.
But the finance ministers, known as the Eurogroup, added that Greece needs to do more work before receiving any more loan aid under the nation's current bailout program. Greece's creditors have insisted that the government make economic reforms on pensions, labor rules, taxation, and other areas.
Separately, TheStreet Ratings team rates NATIONAL BANK OF GREECE as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate NATIONAL BANK OF GREECE (NBG) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself."