re: NBG....

I also purchased warrants and preferred shares. Preferred shares due to previous redemptions, and warrant issued directly by NBG. The warrants are more risky as they need to be in the money upon expiration, but NBG issued warrants good until 2018.

The common stock mentioned above is really the risky play along with the warrants. The preferred shares are a pretty conservative play, and really how the hedge funds (which mostly played other Greek banks) played NBG.

I've seen several arguments about how NBG is a truly overvalued bank given its balance sheet, so again, the common stock play in light of their history of dilution is risky.