Greek solution looks to eastern rescue plan from 2009

Brussels is looking to deliver a rescue option to Greece similar to the 2009 solution to the eastern European banking crisis that followed the wider global economic downturn, it was revealed on Monday.

The European Union's top economy official, commissioner Olli Rehn, told the European Parliament that the EU and IMF are working on a plan akin to what he called the "Vienna initiative".

"We are working on a Vienna-style initiative so banks and financial institutions would maintain ...