Friday, August 29, 2014

My Greek Bank specualtion is going in the right direction

You will recall that I am speculating on Greek banks moving from bad to less bad. Both National Bank of Greece and Alpha Bank reported results yesterday. After reading the reports and reading the transcript from NGB's conference call my bad to less bad thesis is in fact playing out. Here are links to both reports:

NGB 2014 first half report
Alpha Bank 2014 first half report

Interesting comments on NGB's conference call transcript

Look this is not an investment for your grandmother and there is still substantial risk that makes even me nervous. Nevertheless it cannot be disputed that the Greek economy is improving, it will never be Singapore, and thus the banks are improving. The ECB looks like it will get drug into doing QE at some point and this will be helpful in healing the banks as it was here in the US. These are still interesting speculations for the risk averse.

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