NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are higher by 2.86% to $1.44 in mid-afternoon trading on Wednesday, following reports that the debt riddled country's creditors are ready to compromise in order to avoid a default.
Creditors' willingness to compromise comes even as Greece has warned that it may skip an IMF loan payment that is due this week, Reuters reports, adding that after months of tense negotiations the creditors have come up with a "take-it-or-leave-it" offer.
Greece's Prime Minister Alexis Tsipras is in Brussels meeting with senior European officials and hearing terms of a plan created by the IMF, European Commission, and the European Central Bank.
The prime minister has drawn up his own plan, Reuters noted, saying that Tsipras intends on discussing this in Brussels and is calling on euro zone partners to show some "realism" and is pushing a deal that would allow the country an escape from "economic asphyxiation."
"We are a few days or hours away from a possible deal on Greece. Asking too much of Greece could stifle growth. But asking too little would have consequences for the euro zone as a whole," said French President Francois Hollande, Reuters said.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio commented on Greece today in a post on RealMoney.com. Here is a snippet of what Cramer had to say:
Do we focus on Greece too much? Do the media overplay its importance? Are the 11 million people in this small country really able to bring down a continent with 742 million people?
Candidly, if you pay attention to the stories about international finance, the weight of evidence says, absolutely, it's incredibly important. In fact, if you listen closely enough, you might think these talks going on right now, which are allegedly in the last hours, could be as important as the fall of Lehman was to our country...
In other words, there is tremendous systemic risk if Greece defaults on its obligations. There could be hugely negative repercussions if it is stripped of its status as a member of the European Union in good standing and must substitute its own currency for the euro.
-Jim Cramer 'Greece is the Word, Perhaps Too Often' Originally Published on Real Money on June 3, 2015.
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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."
You can view the full analysis from the report here: NBG Ratings Report