Bloomberg says that NBG rallied today due to relief that it (and other Greek banks) will not be nationalized. http://www.bloomberg.com/news/2012-...-recapitalization-agreement-athens-mover.html By "nationalized" I think they mean management control of the banks, in addition to holding equity of the banks. From my searches today it appears that recapitalization of the Greek banks will be "through common shares with restricted voting rights, a banking source told Reuters on Saturday." http://www.reuters.com/article/2012/02/04/greece-banks-idUSL5E8D40KG20120204 This seems to match the hints given by the Prime Minister http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_06/02/2012_426204 According to the prime ministerâs statement, the leaders concurred on four points: 4) The recapitalization of banks through a combination of measures that safeguard public interest and ensure the banksâ managerial autonomy. Reading between the lines, I assume that: "Safeguard public interest" means "government gets substantial equity stake" and "ensure the banksâ managerial autonomy" means "we are going after financial control but not management control". I'm short NBG, and looking to add when details of the recapitalization is formally published. Any thoughts?