NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are declining by 7.53% to $1.35 in mid-afternoon trading on Thursday, following reports that Greece will miss Friday's scheduled 300 million euro loan payment to the International Monetary Fund.
The IMF said that Greece has requested that its four debt payments be combined into one large 1.6 billion euro payment that will be due at the end of June.
Greece requested the debt consolidation as the country believes it will have a difficult time "making multiple payments in a short period," IMF spokesperson Gerry Rice told USA Today.
The request followed yesterday's failed meeting between Greece and its creditors. The two entities have been embroiled in negotiations regarding a bailout package for the country for months.
Greece's international creditors have to okay a reform package in order for the much needed bailout loans to be dispersed, USA Today noted, adding that without the money Greece is faced with the possibility of bankruptcy.
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."