NEW YORK (TheStreet) --Shares of the National Bank of Greece (NBG) are down by 22.51% to 99 cents at the start of trading on Monday morning as debt talks between Greece and its creditors come to nothing once again. The country has shut down its banks and markets until July 6.
"The Bank of Greece announced that from Monday, 29 June 2015 to Monday, 6 July 2015 it will only carry out transactions concerning accounts of the Greek State, legal persons in public law and social security funds. No other transactions with the public (e.g. purchases and sales of gold sovereigns) will be carried out," the bank said in a statement.
On Saturday, Greece's Prime Minister Alexis Tsipras interrupted a desperate finale attempt at debt-negotiations by announcing he is calling for a referendum on July 5 in order to determine if the government should accept the terms offered by its creditors, The New York Times reports.
Greece has about $1.8 billion it must pay to the International Monetary Fund on Tuesday, but the growing concern is that the country will not be able to make that payment.
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 some concerns, 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."