NEW YORK (TheStreet) -- Shares of National Bank of Greece (NBG) are slumping by 16.08% to $1.07 in pre-market trading on Monday morning, as talks between Greece and its creditors collapsed over the weekend.
Concerns over the possibility Greece could default on its debt have arisen once again.
For months Greece and its creditors have been holding tense discussions regarding how to keep the country from defaulting and possibly exiting the euro zone.
Over the weekend talks collapsed as neither side could resolve the issue over reforms, CNBC.com reports. European officials are blaming the collapse on Greece for not offering a concession on reforms in exchange for the release of some much needed aid.
Yanis Varoufakis, Greece's finance minister, ruled out the country's exit from the euro zone in an interview with a German newspaper, CNBC.com noted. The finance minister said that Germany needs to take on a larger role in the discussions.
Varoufakis also said that a deal will only be possible if Germany's Chancellor Merkel takes part in the talks, CNBC.com added.
Greece has a 1.5 billion euro loan payment due to the International Monetary Fund at the end of this month.
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 several 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, poor profit margins and weak operating cash flow."