NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are gaining by 8.90% to $1.06 in mid-morning trading on Tuesday, following reports that the Greek government and EU authorities are in last minute discussions regarding a deal to get the country to pay part of its debt and avoid a default.
Greece owes about $1.8 million (1.6 billion euros) to the International Monetary Fund. The deadline for that payment is tonight.
Greece's Prime Minister Alexis Tsipras is said to have called Jean-Claude Junker, the president of the EC, on Monday night in order to discuss the offer, BBC.com reports.
If Greece and its creditors cannot come to an agreement by tonight Greece will default on its IMF payment, which could lead to the country's exit from the Eurozone.
On Monday, Greece announced that its banks and stock market would be closed until July 6. Tsipras also announced a referendum scheduled for July 5, in order to allow Greece to vote on measures its creditors have demanded in return for more bailout funds.
Tsipras suggested if there was a yes vote he would no longer serve as Prime Minister, BBC.com noted.
"If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head...we will respect it, but we will not be the ones to carry it out," Tsipras said, according to BBC.com.
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: