The European Union's top economic official, Olli Rehn, said that Greece needs to undertake strong deficit cuts similar to those of Belgium back in the 1990s, in addition to some cooperation from lenders through rolling over expiring bonds similar to what happened in Eastern Europe a couple of years ago.

Speculations emerged on Tuesday that Greece will avoid a total restructure of its debt and will be given further aid, and Rehn confirmed that approach, as he signaled that restructuring Greek debt would have catastrophic aftermath on European markets, and he suggested alternatives such as a Vienna-style fix, which would aim to convince creditors to roll over Greek bonds through purchasing new bonds when the existing bonds expire. Another solution that is being discussed is reprofiling, which would aim to convince bondholders to voluntarily accept an extension to maturing bonds.