Just an FYI folks that I sold my National Bank of Greece at $3.33 a few minutes ago, for a nice profit from $2.93. I was originally targeting $3.75 but spoke to high-ranking friends in Greek finance this morning and things are getting really bad over there.
How bad? 50% pay cuts for civil servants. One of my school mates works in the Greek competition bureau and he's just been told his pay cut is going from 30% to 50%. Moreover, layoffs mean these guys are now working twice as hard.
The crazy part is that he is better off than most. Private sector is laying off strong and there are simply no jobs available. Foreclosures are starting to add up.
It's getting ugly over there....but that also creates opportunity.
George
