Is Reopening Greek Banks Actually Bad News?

24/7 Wall St.

Crumbling Greek flag with euroIf you have been watching the global financial news during any point of the last month, chances are high that the coverage of Greece may have become more than just overwhelming. This nation has systemic problems that go very deep, and their fate inside the European Union and/or inside of the euro currency remains up for debate. That being said, shouldn’t most market watchers assume that news of the Greek banks being set to reopen on Monday be interpreted as good news?

Reports are out that Greek banks will finally reopen on Monday, July 20, 2015. With Greece’s economy frozen down to 60 euros per day, with international businesses either unable to get products to Greece or refusing to send products to Greece, this seems like good news.

National Bank of Greece S.A. (NYSE: NBG) is one of the official trading proxies that is used by investors to judge the daily…

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