Talks about a second bailout for Greece are getting closer to a conclusion as the European Commission pushes for a voluntary debt swap, media reported.
Olli Rehn, the European commissioner for economic and monetary affairs told Sueddeutsche Zeitung in an interview to be published on Tuesday that a solution for the Greek sovereign debt crisis was not as far off as some might think.
"We are preparing an agreement on the basis of the 'Vienna Initiative', whereby banks keep their bonds longer and in fact voluntarily," he said, referring to a debt rollover in which banks that hold Greek bonds are encouraged to buy more as their holdings mature.
"We are prepared to look at a solution, which is based on a voluntary extension of bond maturities and which under no circumstances leads to a credit default," he added.
Reuters
