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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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Greece 'must introduce new currency if 'no' vote wins'

Greece will have to introduce another currency if the 'no' vote wins, the head of the European Parliament said Credit: Reuters

Greece will have to introduce another currency if the "no" vote wins in today's referendum on an aid-for-reforms deal, the head of the European Parliament, Martin Schulz, has told German radio.

"Is Greece still in the euro after this referendum? That is certainly the case, but if they say 'no' they will have to introduce another currency after the referendum because the euro is not available as a means of payment," Schulz told Deutschlandfunk radio.

"The moment someone introduces a new currency, they exit the euro zone. Those are the elements that give me some hope that the people will not vote 'no' today."

His comments are some of the clearest made by a top EU official.

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