Greek PM Tsipras Says Bailout Failed; Sees Debt Restructuring, Forgiveness Only Solution to Problems (NBG)

National Bank of Greece (NYSE: NBG) is lower following commentary Monday by Greek prime minister Alexis Tsipras during his inaugural speech in parliament.

In part, Tsipras told parliament that Greece's bailout failed and that debt restructuring or forgiveness would be the only solution for the country's woes. Tsupras also ruled out any extension of the country's €240 billion bailout, which will run out at the end of February.

European Commission President Jean-Claude Juncker commented on Monday that Greece should not assume that the overall mood has so changed that the euro zone will adopt Tsipras's government program unconditionally.

Juncker, who was attending a meeting of Germany's Social Democratic Party (SPD) in Nauen, said he doesn't expect to reach a final conclusion with Greece anytime soon.

National Bank of Greece is down over 9 percent with heavy volume.

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