Parliamentary approval of Greek aid is not automatic, says an opposition lawmaker in Germany. Euro zone member states would be subordinate creditors according to the EU-IMF plan, he says.

Being lower down the capital structure could be a tough political sell job for EU leaders, especially in Germany.

EUR/USD trades at 1.3250 after reaching 1.3265/70 resistance. More lies at 1.3290.

Spreads are compressing and risk assets are rebounding as news leaks out.