Billionaire Joun Paulson has developed a nice relationship with Greece and its many banks, which is evident from his willingness to make huge investments in Greek banks. According to a Reuters report, Paulson is ready to recapitalize the Greece banking sector. With exports back in demand and tourist inflow, Greece after seeing a six years of economical decline is finally getting up on its feet. Greek economy largely depends on its tourism, which brings millions of dollars to the country every year.
ADRs recovery in the National Bank of Greece (ADR) (NYSE:NBG) is also a huge milestone because National Bank is one of the major contributors to the economy of Greece. New York Stock Exchange on last Thursday showed that shares of NBG were valued at $4.19 whereas they went up to $5.43 (17 million shares) on Monday, which was the winning market’s fifth day of no surprise drops.
The slump in Greek economy is also reflected through the National Bank. Even though the bank is reporting steady upward growth, but it is also facing quite a few economic crises. With an RSI value of 79.9, National Bank of Greece falls in the “overbought territory”. As a result of this unsteady economic status, the bank is now Zacks Rank 4. This situation is quite alarming to all local and foreign investors who are advised to stay alert in keeping a track of all Greek banks’ shares.