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The  EU Economic and Monetary Affairs Commissioner Olli Rehn, disussed an option for some rescheduling of Greek debt according to the Vienna initiative and put one limit:

Maturities on Greek debt could be extended on a voluntary basis as long as this does not create a credit event, the EU’s top economic official said on Monday, referring to the bloc’s efforts to limit market repercussions.

The leaders continue playing with words. A solution isn’t near yet. See the EUR/USD forecast for news on the Euro.