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Major Greek banks 'could be forced to merge'

Some of Greece's biggest banks may have to shut and merge with their rivals, it has been claimed.

A European official told the Reuters news agency that Greece's four big banks - National Bank of Greece, Eurobank, Piraeus and Alpha Bank - could be reduced to just two.

European leaders are meeting on Sunday in a bid to strike a financial aid deal with Greece.

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Tsipras: 'No' vote could lead to deal within 48 hours

Greek Prime Minister Alexis Tsipras Credit: APTV

Greek Prime Minister Alexis Tsipras has said a deal with the country's creditors would be struck 48 hours after a 'No' vote in the upcoming referendum on the bailout proposals.

Tsipras said: "If the 'No' prevails and the 'No' is the strongest, I reassure you, the next day I will be in Brussels, and a deal will be signed."

European officials and the Greek opposition have warned a 'No' outcome Sunday could be tantamount to a decision to leave the euro.

A strong 'No' vote, Tsipras argued, would help Greece win a new deal with the eurozone's rescue mechanism that would include terms to make the country's 320 billion euro (354.7 billion US dollar) national debt sustainable.

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