National Bank of Greece ADRs on the NYSE are my only US holding, mainly because that's the easiest place to get shares. NBG has risen from 1.70 to 2.60 in the last 2 weeks. It is the oldest and largest financial entity based in Greece. The CEO stated in Q2 reports that the bank would not need any further capitalisation or bailouts in any form going forward. Half of its income, possibly higher now, comes from outside of Greece. They have a bid in for all the assets of Emporiki Bank with Agricole of France. They previously bid for Alpha Bank (the second largest Greek bank), but there appears to be bad blood between them which keeps the deal from getting done. NBG has begun posting quarterlies in plain english, which has really helped transparency on their financials for us non-Greeks.

Where else can you get a solid international money centre bank for a couple of bucks a share? I see NBG going back to historical levels, and higher, having weathered the storm. I have recently added shares at 1.70 and am very pleased with the result. More to come......