National Bank of Greece and Bank of Ireland Shares Rise Sharply After European Union Summit Produces Positive Outlook
July 03 2012 - 8:20AM
Marketwired
Little was expected leading up to the recent summit as the previous
18, since the start of euro zone debt crisis, had done little to
ease concerns. Yet foreign bank stocks soared last Friday after the
European Union leaders surprisingly announced aggressive plans to
help solve Europe's debt crisis. The Paragon Report examines
investing opportunities in the Foreign Banking Industry and
provides equity research on National Bank of Greece (NYSE: NBG) and
Bank of Ireland (NYSE: IRE).
Access to the full company reports can be found at:
www.ParagonReport.com/NBG www.ParagonReport.com/IRE
In the 19th summit, the 17 leaders of the European Union agreed
to allow bailout funds to be injected directly into banks instead
of struggling governments' balance sheets. The recent EUR 100
billion in bailout funds offered to Spain would have been lent to
the Spanish Government, who in turn would then have to lend it to
the banks. Under the new policy funds would be distributed directly
to the banks instead of adding debt to the government's books. "I
think the elements we put together will reassure the markets,"
Eurogroup President Jean-Claude Juncker said last Friday.
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National Bank of Greece, the oldest and largest among Greek
banks, heads the strongest financial group in the country. It
boasts a dynamic profile internationally, particularly in
Southeastern Europe and the Eastern Mediterranean. Shares of the
company rebounded nearly 12 percent last Friday.
Bank of Ireland recently announced the arrival of its new
Twitter and Facebook social media channels for customers. This
follows the recent launch of the Bank's Boards.ie forum and makes
it the first financial services provider to engage with customers
across Boards, Twitter and Facebook. The bank also reported the
arrival of its first mobile banking app back in May.
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