He said the EFSF, meanwhile, "will work one year longer than planned." Common euro bonds, however, should come "afterwards," he said, reiterating the German stance that such bonds would remove the incentive for nations to make needed structural reforms.
As for whether Greece stays in the euro zone, Mr. Oettinger said he would prefer that to happen but that the decision was ultimately up to Greek voters. But he reiterated that "there is no Plan B" for the monetary union.
—By CNBC's Kelly Evans
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