EU's Oettinger says Greece likely to issue IOUs, could pave way to Grexit - Bild

Pensioners wait in line in front of the main entrance of a National Bank branch to receive part of their pension in Athens, Greece, July 6, 2015. REUTERS/Christian Hartmann

BERLIN (Reuters) - Germany's EU commissioner told German newspaper Bild that the Greek government would probably have to start issuing IOUs to pay wages and pensions and settle outstanding accounts, and that would render Greece unsuitable to remain in the currency union.

Greece has not, however, started to issue IOUs for these purposes and it has not been declared insolvent.