CDU's Rehberg says Schaeuble told lawmakers there will be no Greek debt cut

Meanwhile, Draghi just said Greece needs a haircut. "Nobody has ever disputed that debt relief is necessary for Greece".

There is plenty of wiggle room between the positions. Schauble reportedly said the rules don't allow for a cut in the face value of Greek sovereign debt. But the debt could be re-jigged (reprofiled they like to say) so debt maturities are pushed way out and interest rates are lowered.

Draghi took a few stabs at Schauble in the press conference. There was a report last week during Greek negotiations that Schauble was upset with Draghi and told him "I'm not stupid!" Then a break was called in talks.