NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are declining by 6.96% to $1.07 at the start of trading on Tuesday morning, as debt negotiations between the country and its creditors remain stalled. There is growing concern and anger across Europe over what the outcome of the Greek financial crisis will be, CNBC.com reports.
While at a government meeting on Monday, Greece's Prime Minister Alexis Tsipras blamed creditors for the stalled talks, CNBC.com added. The prime minister's views on who is to blame were quickly rejected across Europe.
"If they are not coming up with any new reform proposals which we have agreed...and now they're breaking the contracts they have with us. They're breaking all the rules," Michael Fuchs, vice chairman of Germany's CDU/CSU, the ruling conservative coalition that is led by German Chancellor Angela Merkel, told CNBC.
Tsipras said on Monday that he and his government weren't taking part in "ideological stubbornness," but rather they are defending democracy.
The Prime Minister's words showed that Greece feels no need to hurry and concede on reform proposals, CNBC.com added. Tsipras said Greece will "wait patiently till the institutions adhere to realism."
It is possible that Greece could default on its debt at the end of the month, which may lead to the country's exit from the euro zone.
Insight From TheStreet Research Team:
TheStreet's Helene Meisler recently commented on National Bank of Greece in a post on Top Stocks. Here is what Meisler had to say;
We looked at Global X FTSE Greece 20, an ETF to be long the Greek market, a few weeks ago and I was not a fan. I am still not a fan but if you want to speculate on National Bank of Greece and your sense is a deal will get done and the stock will fly upward, then you can see that as long as it stays over a buck there's a decent chance this is a bottom. Under a dollar and you'd have to concede defeat.
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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 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."
You can view the full analysis from the report here: NBG Ratings Report