NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are gaining by 7.71% to $1.41 in mid-morning trading on Friday, following reports that Greece and its creditors are close to reaching a deal this weekend that would keep the debt strapped country from defaulting, the Associated Press reports.
Greece's Prime Minister Alexis Tsipras is said to have made additional concessions on some debt reforms.
At a recent meeting the country agreed to cut pensions, but its creditors weren't satisfied with the proposal.
The latest measure offered by Greece will cut its contribution to pensions by between 0.25% and 0.5% of GDP this year and by 1% next year, the AP said.
This proposal is said to be bringing Tsipras, the international Monetary Fund and other creditors closer to a deal and that tomorrow night's emergency meeting in Brussels should result in a much needed breakthrough, the AP added.
"There is a real chance to conclude an agreement," European Commission President Jean-Claude Juncker said the AP noted. He added that Saturday was "a crucial day not only for Greece but for the euro area as a whole. I'm quite optimistic but not overly optimistic."
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."