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Defensive move: Greek bank to buy local branches of troubled Cyprus banks
ATHENS/NICOSIA — Greece’s Piraeus Bank struck a deal on Friday to take over the Greek branches of Cyprus’s troubled banks in what a source close to the matter said involved the transfer of 17 billion euros of loans and 14 billion euros of deposits.Piraeus was chosen in a deal that helps to shield Greek banks from the island’s crisis and allows Cyprus to lessen its bloated banking sector. The deal,…
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Defensive go: Greek bank to buy local branches of troubled Cyprus banks
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