NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are higher by 5.23% to $1.37 at the start of trading on Tuesday morning, as speculation mounts that Greece and its creditors may be close to reaching a deal that would keep the struggling country from going bankrupt at the end of the month.
A last minute proposal was submitted by Greece on Monday with significant concessions regarding the country's stance on pension cuts, The Wall Street Journal reports. Eurozone leaders held an emergency meeting in Brussels to discuss the latest reforms from Greece.
The leaders said there is more work to be done in order to make sure the government's figures are in line with what creditors are demanding, The Journal added.
Greece needs to make a 1.54 billion euro ($1.75 billion) debt payment to the International Monetary Fund at the end of June.
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 a few notable 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."