Greek central bank governor said on Thursday he expects consolidation moves in the country's banking sector to take place this year as banks seek alliances to deal with the debt crisis. The government and the central bank have called on lenders to explore tie-ups and form stronger entities to better cope with the country's debt crisis and reduce their dependence on European Central Bank funding. "(Greek) banks are in a difficult phase because of the fiscal crisis. 2011 will be a year of restructuring, mergers and cooperation," Bank of Greece head George Provopoulos told reporters at a meeting with President Karolos Papoulias.
Source
