NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are higher by 4.80% to $1.31 on heavy volume in early afternoon trading on Wednesday, following reports that Germany is considering offering Greece an instrumental aid deal and that the European Central Bank has raised emergency funding for Greek banks.
It is possible that Germany's Chancellor Angela Merkel will be satisfied with debt consumed Greece committing to at least one economic reform desired by creditors in order to get the ball rolling on bailout funds, Bloomberg reports.
Germany is still insisting on Greece agreeing to a number of reforms that include higher taxes, state asset sales, and "less generous" retirement benefits, Bloomberg added. However, it seems Germany may settle for Greece making one clear commitment in order to release aid.
Additionally, the ECB hiked up the cap on emergency liquidity assistance that Greek banks can pull from the country's central bank, Reuters reports.
The ECB increased the cap by 2.3 billion euros ($2.6 billion) raising the ceiling to 83 billion euros.
The bank has been slowly raising the cap in order to keep pressure on Athens to come to a deal with its creditors, Reuters added.
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 some concerns, 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, poor profit margins and weak operating cash flow."