The euro retreated midsession today and stocks surrendered some of the gains with the Greek crisis center stage after a report from Reuters citing EU officials considering a delay on the second bailout package for Greece.

The EUR/USD slumped to session lows at $1.3066 today after the report after trading as high as $1.3190 today on positive support from less than expected contraction and hopes that Greece will be able to get the finance ministers approvals with the political parties pledging support and finance minister Evangelos pledging to finalize the few remaining issues ahead of the teleconference scheduled today at 16:00 GMT.

Reuters said that delays could be possible on the second bailout for Greece, on all or parts of it till after the April elections, nevertheless, they will still find ways to avoid a disorderly default, especially knowing that the April elections come after the big 14.5 billion euro bond redemption on March 20.