Tuesday, May 25, 2010

Greece News; Greek Banks Trouble Looming Ahead

· Greece - Greece may tap markets in July with a T-bill issue to repay billions of euros of
maturing short-term government paper, its first foray since April (Reuters)
· Greece - The European Union said on Tuesday it had sent a letter to Greece about its
austerity program but dismissed suggestions it related to any shortcomings in Athens'
adherence to the plan. Reuters
· Greek banks - big week of earnings - NBG (National Bank Greece) 5/26; EFG Eurobank
5/27; Alpha Bank 5/27; Piraeus Bank 5/28
· Greek Banks - JPMorgan research call; downgrading a bunch of names; We remain
cautious on banks, as we believe they are likely to make losses in 2010
E, and possibly
breakeven in 2011E, with recovery in 12-13E. Downgrading several stocks - NBG, EFG,
Alpha to UW (from OW); removing NBG from AFL; BOC to N (from OW), Piraeus to UW
(from N), keep Agricultural and Postal as UW. A potential 40% GGB restructuring could

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