European Central Bank President Mario Draghi reiterated today that the bank would not takes losses on its Greek bond holdings to give Greece debt relief.

"It is pretty clear that we cannot do monetary financing," Mario Draghi said at a news conference. Asked directly if the ECB would participate in Greek debt relief, he said: "No".

Greece is likely to need around €11 billion more to see it though 2015 as a result of a revenue shortfall, prompting expectations that it will need a third bailout.

One method floated has been for current bond holders - of which the ECB is a major one - to re-negotiate repayments.