Greek banks continue to offer attractive value, are expected to deliver above-average returns on tangible book value in the medium to long run and are likely to be re-rated further, said Bank of America Merrill Lynch in a note to investors on Tuesday. The investment bank said it is keeping its overweight position in Greece, with buy ratings on Alpha Bank, Eurobank and National Bank of Greece . BofA said Greece is on the right track in terms of fiscal consolidation, but said it also expects near-term earnings for those banks will be hurt by austerity measures, with cuts to 2011-12 estimates in the mid to high single digits and mainly reflect lower expected volume growth in 2010. The investment bank doesn't expect cash dividends for 2009.