Germany's Oettinger: Greece likely to issue IOUs, pave way to Grexit

FXStreet (Bali) - Germany's EU commissioner Guenther Oettinger, in a Bild interview to be published on Tuesday, said that Greece is likely to issue IOUs (I owe you), which could pave the way to Grexit.

Headlines via Reuters

"Said the Greek government would probably have to start issuing IOUs to pay wages and pensions and settle outstanding accounts"

"Doing so would render Greece unsuitable to remain in the currency union"

"An insolvent country that introduces a parallel currency does not fit into the euro zone."

"Said it made no sense to hold fresh talks with Greece if Athens continued to reject reforms"

See related article: Can Greece introduce a parallel currency if insolvent? - Commerzbank