People line up at an ATM outside a Eurobank branch in Athens, Greece July 8, 2015. REUTERS/Alkis Konstantinidis
Reuters: Exclusive: Greek banks face closures, bailout or not - sources
FRANKFURT (Reuters) - Some large Greek banks may have to be shut and taken over by stronger rivals as part of a restructuring of the sector that would follow any bailout of the country, European officials have told Reuters.
European leaders will gather on Sunday in a last-ditch attempt to salvage agreement with Greece after months of acrimonious negotiations that have taken the country to the brink of leaving the euro.
But regardless of whether or not fresh funds are now unlocked for the government, some Greek banks, damaged by political and economic havoc, may have to be closed and merged with stronger rivals, officials, who asked not to be named, told Reuters.
Update #1: Greece debt crisis: Banks stay shut as endgame looms -- BBC
Update #2: Greek Banks Have Enough Cash to Last Until Monday, Executive Says -- WSJ
WNU Editor: A few weeks ago I saw the balance sheet of some of two of these banks .... talk about a disaster. You have to be certifiably insane to put any money into their stocks.
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