Greek banks merge as new bailout looms

Two major Greek banks set to merge, despite concerns that the economy is still shrinking.

    To avoid a financial meltdown, the European Central Bank has spent $9 billion to protect Italy and Spain.

    In Greece as the new financial forecasts show the economy is still shrinking, the European Union and the International Monetary Fund are discussing whether the government has done enough to warrant more emergency funds.

    Al Jazeera's Barnaby Phillips reports.

    SOURCE: Al Jazeera


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