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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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Greek PM makes plea for 'light at the end of the tunnel'

Greek Prime Minister Alexis Tsipras has asked for "light at the end of the tunnel" after years of austerity in any deal to tackle the country's debt crisis.

Tsipras addresses the European Parliament in Strasbourg, France. Credit: Reuters

Mr Tsipras told the European Parliament that plans presented to the Eurogroup would look to restructure Greece's debts, but alongside reforms taking on wealthy vested interests in the country, who had failed to bear their share of the burden.

We demand an agreement with our neighbours.

But one which gives us a sign that we are on a long-lasting basis exiting from the crisis, which will demonstrate that there's light at the end of the tunnel... Our prime objective must be to combat unemployment and to encourage entrepreneurship.

– Greek Prime Minister Alexis Tsipras

The Greek PM also outlined an "agenda for growth" to revitalise its ailing economy.

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