NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are down by 4.64% to $1.34 in mid-morning trading on Wednesday, as optimism turned to doubt that a deal between Greece and its creditors to keep the country from bankruptcy was close.
Greece's Prime Minister Alexis Tsipras is said to have told associates that creditors had rejected a proposal from the government regarding a bridge to the budget gap, a government official told Reuters.
Tsipras had made the comment prior to his departure for Brussels where he is meeting with the heads of Greece's three creditor institutions, the European Commission, the European Central Bank, and the International Monetary Fund.
Yesterday shares of the National Bank of Greece rose on reports Greece and its creditors were close to reaching a deal that would keep the debt strapped country from bankruptcy.
"It's clear that it's not yet a done deal. It will be a Greece-watching day, looking at rumors and comments out of these meetings," KBC strategist Piet Lammens told Reuters.
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."