EU Economic and Monetary Affairs Commissioner Olli Rehn on Wednesday said maturities on Greek debt could be extended on a voluntary basis, on the condition that it this would not create a "credit event".
Speaking during a news conference in Vienna, the EU Commissioner said that “while debt restructuring is not on the table, a Vienna-type initiative that aims at retaining the exposure of private investors, banks and other financial institutions to Greece could also be pursued.

“In this context of the Vienna-type initiative we have said that a voluntary extension of loan maturities, so-called reprofiling or rescheduling on a voluntary basis, could also be examined on the condition that it would not create a credit event,” Rehn said.

He noted however, it was still important for Greece to step up fiscal consolidation and implement its privatization programme.