Bloomberg reports that NBG was the worst performer today among the 54 banks in its Europe Banks and Financial Services Index ( http://www.bloomberg.c... ).

Also from the Bloomberg article, this encouraging bit of news:

"Greek banks face soaring loan losses and a potential contraction in lending as the government implements austerity measures following the country’s 110 billion-euro bailout in May. National Bank is relying on markets outside Greece, including its Finansbank unit in Turkey, to bolster profit."

Bloomberg also notes that NBG is planning a dilutive capital raising for next month, in addition to selling a minority stake in Finansbank, its Turkish unit. Recall Cnairn's cautious notes here about the Turkish economy recently ( http://shortscreen.com... ).

Despite today's market action in the underlying, I'm still down a little on my $4 strike Feb 11 NBG puts, as I was, in hindsight a little early in buying those particular puts ( http://shortscreen.com... ).

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