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Greek banks 'close to collapse' as debt soars

• http://www.thetimes.co.uk,

Greek debt costs leapt yesterday as the French central bank warned that the banking sector in Athens is on the verge of collapse. The euro fell 0.6 per cent to $1.074 after International Monetary Fund and G20 meetings in Washington held out little progress on the prospect of Greece satisfying creditors to unlock €7.2 billion in financial aid by the end of the month.

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