Release the Kraken on Greece's People

Think you can take on the Kraken?  Then try buying shares in the National Bank of Greece (ADR) (NYSE:NBG).

Greece will reportedly announce $6.5B in deficit cuts - including cutting public workers' bonuses and raising tobacco, alcohol and sales taxes.  Greek residents are expecting the Kraken to arrive next Tuesday and are taking the necessary steps for protection.

National Bank of Greece (ADR) (NYSE:NBG) shares have tanked 38% in the last 3 months, they now sell for $4.08. 

More on how Greeks are taking it on the chin -- March 2 (Bloomberg) -- The Greek government will announce as much as 4.8 billion euros ($6.5 billion) of additional deficit cuts tomorrow, bowing to pressure from the European Union and investors to do more to tame the region’s biggest shortfall, a person familiar with the plan said.

The new measures will include higher tobacco, alcohol and sales taxes and deeper cuts in public workers’ bonus payments, said the person, who declined to be identified because the details aren’t public. Greek bonds advanced for a third day today on the prospect that the deficit measures might ease opposition to EU aid for Greece.

EU Monetary Affairs Commissioner Olli Rehn said yesterday that Greece must reveal new measures “in the coming days” to allay officials’ concerns that the current austerity plan falls short. The announcement would come two days before Prime Minister George Papandreou meets Germany’s Angela Merkel and may help the chancellor justify aiding Greece to taxpayers and political opponents who say the country shouldn’t be bailed out after living beyond its means.

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