Greece, Eurozone Finance Ministers Fail to Reach Bailout Extension Agreement (NBG)

National Bank of Greece S.A. (NBG) is lower Tuesday morning following news that talks over bailout provisions broke down on Monday.

European finance ministers presented Greece with an ultimatum of either accepting an extension on the country's €240 billion bailout or lose a lifeline of rescue funds that have kept the country afloat for the last five years.

Greece's current bailout ends on February 28th and that would leave the country without access to about €7.2 billion of funds, which would leave the country unable to make debt payments which are coming due in March.

Greek finance minister Yanis Varoufakis said he was ready to accept a four-month extension on the country's bailout plan, but not under the terms that finance ministers were requesting. Varoufakis said the measures were clearly recessionary and clearly uncalled for in the state of humanitarian crisis we have in Greece.

Shares of National Bank of Greece are down about 10 percent ahead of the opening bell.

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