NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are gaining by 5.83% to $1.18 in pre-market trading on Monday morning, as debt strapped Greece is said to have made a "potentially major" concession on pensions, sources told The Wall Street Journal.
Eurozone leaders received the country's proposal late and kept expectations of an immediate breakthrough in the stalled talks between Greece and its creditors low.
Greece and its creditors have been holding intense negotiations for months, with little resolution. One of the large factors weighing on talks was Greece's stance on pension funds, among other reforms.
The deal was formally submitted to creditors on Monday morning and outlines new pension savings and revenues worth 0.4% of gross domestic product for this year and 1% beginning in 2016, The Journal noted. The publication added that the new reform is close to the target Greece's creditors had previously demanded.
It is believed that Greece will run out of money by the end of June and with no extension to its current bailout funds the country could default on its 1.54 billion euro payment to the IMF.
TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS Charitable Trust Portfolio had this to say, "NBG total crapshoot -needs to raise money badly, but no one cares, so they buy it."
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: