GREECE IN TROUBLE AGAIN

Here's quick summary about the National Bank of Greece from 247wallst.com that should give you some idea how things in Greece are going.

Recall not too long ago pundits were applauding what they perceived as the turn around there when bond yields began their big decline for the peripheral members of the EU.

National Bank of Greece SA (NYSE: NBG) posted a drop of about about 19% today to add to yesterday’s 5.3% drop and post a second consecutive a new all-time low. Today’s low was $2.08 against a 52-week high of $6.48. Volume is about 4-times the daily average of around 3.7 million shares. Fitch Ratings warned today that Greek banks remain fragile and the political turmoil in the country is not engendering confidence in the government.

Wed, Oct 15 2014

* Greek stocks post biggest daily drop since July 2012

* Bond market closing its doors to Greece, analysts say

* Political uncertainty, bailout exit plans unnerve market (Adds PM comments)

By Marius Zaharia and Angeliki Koutantou

LONDON/ATHENS, Oct 15 (Reuters) - Greek stocks on Wednesday posted their biggest one-day loss since the height of the euro zone crisis, while bond yields soared to levels that threatened to derail government plans to quit an international bailout a year early.

Ten-year government bond yields jumped to 7.85 percent - levels at which Greece cannot afford to fund its huge debt and the Athens stock market plunged 6.8 percent in its biggest one-day loss since July 2012.

Shares have lost 11.5 percent in the past two days, their biggest fall since October 2008.

THE 7 PERCENT

Market concern over Greek borrowing costs has grown as they have approached 7 percent, though analysts say it does not necessarily mark the tipping point beyond which the costs of servicing debt would become unsustainable for the country.

Indeed, some analysts argue that Greece's debt of over 1.7 times economic output would be impossible to roll over even at lower cost. The European Union charges only 1.5 percent interest on its loans and Greece is still expected to initiate talks over some form of debt relief in the near term.

But charts show any rise in yields has historically picked up pace above 7 percent and forced countries such as Ireland, Portugal and Greece itself to seek bailouts. Only the European Central Bank's promise in 2012 to do "whatever it takes" to save the euro prevented Spain and Italy from having to ask for financial help when their yields topped 7 percent.

"With yields above 7 percent we are back in that very dangerous area again," Eleni Dendrinou-Louri, professor at Athens University of Economics and Business and a former deputy governor at the Bank of Greece, said in a speech in London.

"I believe that if you can borrow from the market is decided by the spreads that you see every day on the screen."

As Greek yields soared, German 10-year borrowing costs plunged to record lows as investors fretting about faltering global growth shed risky assets and sought shelter in top-rated government bonds.

As a result the Greek yield premium over the euro zone benchmark reached 710 bps, its widest since January.

Greece sold bonds to private investors earlier this year, making one of the fastest market comebacks by a sovereign that had defaulted, with a sale of five-year bonds that drew strong bids and was considered a great success.