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Actionable news in NBG: NATIONAL BANK OF GREECE S.A.,

National Bank Of Greece Reached My Price Target Of Zero - Now What?

I have warned many times not to invest money in National Bank of Greece.

Final private placement offers for Greek bank shares indicate a substantial discount compared to the average weekly close.

In the case of National bank of Greece, investors will purchase shares at a 95% discount compared to the close of Tuesday.

As you all know Greek banks are in the middle of a capital raising effort in order to stay solvent. While I am disappointed that a good and bad bank scenario did not play out, nevertheless my thesis that all current shareholders of Greek banks will go to zero -- or close enough to zero -- played out.

Piraeus Bank (OTCPK:BPIRF) announced a reverse split of 100 to 1. This means that at current prices (Tuesday's close 0.036 euros), the stock would have opened at 3.6 euros if the reverse split was finished. According to the local Greek site -- that specializes in Greek bank news as the name suggests -- book-building bids are in the 0.30 euro range, post reverse split prices. Or in other words, at a discount of about 95% % to Tuesday's close.

As I am writing this article -- Thursday night Athens time -- sources say that Piraeus's Bank private placement has not been subscribed to, and that about 1.2 billion euros remain on the table.

The question is, is the article right about the very low subscription bids? Well, judging from the fact that the bank's stock in three days has gone from 0.036 euros to today's price of 0,0021 euros (30% down just yesterday), I think the article will probably be vindicated.

In the case of EFG Eurobank (OTCPK:EGFEY), a 100 to 1 split the stock...