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Greek debt: Fears grow over Greek banks' health


Fears are growing over the health of Greek banks after reports that savers have withdrawn billions of euros in the past week.
Capital flight from beleaguered Greek banks this week alone could be more than €3bn (£2.1bn), reports say.
Savers are moving funds as time runs out on Greek debt crisis resolution.
It is understood the European Central Bank will hold a meeting later to agree more emergency liquidity assistance for the banks.
The pace of withdrawals has gained speed as talks between the government and its creditors have collapsed.
On Monday, an emergency summit of leaders from eurozone nations will be held after the latest attempt to resolve the Greek debt crisis failed.
A meeting of eurozone finance ministers on Thursday made no breakthrough.
The head of the Eurogroup of finance ministers, Jeroen Dijsselbloem, said that "too little" progress had been made and that "no agreement as yet is in sight".
The Reuters news agency said withdrawals by Greek savers between Monday and Thursday reached about €3bn, which represents about 2.2% of household and corporate deposits held by Greek banks at the end of April.
"There are no lines [queues] or panic, it has been a quiet and gradual phase of withdrawals," one banker told Reuters. "They are due to worries whether a deal will be clinched with the country's lenders."
Greece - deal or no deal?
Option 1: No deal: Greece defaults on IMF and ECB repayments; ECB pulls plug on emergency bank assistance leading to run on Greek banks, capital controls and potential GrexitOption
2: Greece agrees reform deal with creditors at last minute and avoids default, staying in euro
Option 3: No deal reached but both sides paper over cracks and Greece stays in euro for now
'Prepared for the worst'
Ahead of a meeting of European finance ministers on Friday, UK Chancellor George Osborne said: "We have entered the eleventh hour of this Greek crisis, and we urge the Greek government to do a deal before it is too late.
"We hope for the best, but we now must be prepared for the worst."
Greece has less than two weeks remaining to strike a deal or face defaulting on a €1.6bn (£1.1bn) loan repayment due to the International Monetary Fund.
The country has already rolled a €300m payment into those due on 30 June.
If it fails to make the payment, it risks having to leave the eurozone and possibly also the EU.
But the European Commission, the IMF and the ECB are unwilling to unlock bailout funds until Greece agrees to reforms.
They want Greece to implement a series of economic changes in areas such as pensions, VAT and on the budget surplus before releasing €7.2bn of funds, which have been delayed since February.
Mr Dijsselbloem stressed that "very little time remains" for Greece.
But Greek Prime Minister Alexis Tsipras said on Friday that there would be a solution to Greece's debt crisis.
"The [eurozone] leaders summit on Monday is a positive development on the road toward a deal," Mr Tsipras said in a statement.
"All those who are betting on crisis and terror scenarios will be proven wrong."
He added: "There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro."
Russia gas deal
Mr Tsipras was at an economic forum in St Petersburg in Russia on Friday with a delegation of ministers and business leaders.
At the forum, Greece and Russia signed a memorandum on extending the planned Turkish Stream gas pipeline to Europe through Greek territory.
Athens said funding would come from Russian state development bank VEB.
Greek Energy Minister Panagiotis Lafazanis said at the signing ceremony that Greece needed support and not pressure, and that co-operation with Russia was not aimed against other countries or Europe.
But Russia is ready to consider giving financial aid to Greece, the TASS news agency reported.
"We will support any solution on regulating the Greek debt crisis that is suggested by Greece and our European partners," the agency quoted Russian Deputy Prime Minister Arkady Dvorkovich as saying.
"The most important things for us are investment projects and trade with Greece. If financial support is required, we will consider this question."