NEW YORK (TheStreet) --Shares of the National Bank of Greece (NBG) are up by 2.14% to $1.43 in early afternoon trading on Monday, as concerns that Greece is close to bankruptcy start to abate, CNBC.com reports.
"Regardless of how the Greek impasse resolves itself, the global financial markets' ability to blissfully ignore Greece suggests that it expects one of two outcomes: (i) that a Greek default/exit is nowhere in the realm of possibility, or that (ii) even if Greece were to exit the Euro, the authorities have appropriately 'foamed down the runway' to curtail any contagion and the world will emerge largely unscathed from Grexit," MatlinPatterson's chief risk officer Ashwin Bulchandani said in a note, CNBC.com added.
Greece has said it wants to reach a loan deal with its international creditors by the end of the month BBC.com reports, adding that as it appears the country is on the verge of running out of money and a government spokesman said a deal was "required immediately."
The country must make a payment of 1.5 billion euros to the International Monetary Fund on June 5.
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."