Greek Bank Stocks Are Getting Creamed, As Greece May Run Out Of Cash In A Matter Of Weeks

AthensAcropolis

Greek bank stocks basically just behave like broader European markets, except in an extremely high-beta exaggerated manner.Today Europe is getting smoked. So Greek bank stocks are getting killed.

Piraeus Bank is off 10.5%. National Bank of Greece is down 4%. Alpha Bank is down 5.7%.

Anyway, in addition to the political problems, the country is quickly running out of cash again.

Dow Jones FX Trader cites a news report saying that PM Papademos has warned that the country will face a cash flow situation in early June. That’s even before a new election, if there is going to be one.

The country desperately needs outside cash. The impetus to form a government now, and not go through all the uncertainty again is massive.

For more on today’s markets, see here >

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