NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are down by 1.83% to $1.07 on heavy volume in mid-afternoon trading on Wednesday, as the country's central bank has warned for the first time that it may be on a "painful course" to default and an exit from the EU and Eurozone, BBC.com reports.
Debt negotiation talks between Greece and its international creditors have stalled following months of tense discussions. Each side is blaming the other for the failed talks.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Chartiable Trust Portfolio says: "In the last 48 hours it has become abundantly clear that a deal of some kind may not be reached and that the Greek government is more inclined to roll the dice thinking it could be a win win. If they get the money, it's a win. If they don't, then so what, things are bad anyway. That's changed the equation and made it so that we all have to wait around and see what's going to happen, including the Fed."
The halted progress between the two parties is holding up the release of 7.2 billion euros in bailout funds for Greece, BBC.com noted.
"Failure to reach an agreement would... mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country's exit from the euro area and, most likely, from the European Union," the Bank of Greece said, according to the BBC.