The special plan to keep Greek government bonds eligible for refinancing by the European Central Bank – even after the end of the emergency program in March 2022 – is being worked out by the ECB and, according to Bloomberg, may be approved in March by the Board of directors.
The plan is to fill the gap when the emergency program for the pandemic expires, as Greece is not classified as being at investment grade by rating agencies.
According to the news agency, the plan envisages that the refinancing of the bonds will continue normally until the end of 2024, ie for the entire period during which the ECB will continue to buy Greek bonds, reinvesting the proceeds from the bonds purchased under the extraordinary program for the pandemic.
It is also noted that the extension of the umbrella to Greek bonds after March was decided in December by the Governing Council of the ECB, ie that the bank will continue to buy Greek bonds.
Thus, the financial stability is maintained until Greece secures the investment level, something that is expected to happen at the beginning of 2023.
Latest News
S&P Raises Greece Outlook to ‘Positive’; Rating Unchanged
The same international ratings agency in October 2023 raised the country’s creditworthiness to BBB- with a stable outlook
Number of Turkish Visitors to Greek Islands up 10-Fold After 7-Day Express Visa
More than 20,000 Turkish tourists flocked to the eastern Aegean isles during a nine-day religious period in the neighboring country
Greece to Protect 198 ‘Untouchable Beaches’
These beaches, numbering 198 across the country, fall within the Natura 2000 network and will be off-limits for concession and, by extension, for the placement of umbrellas, sunbeds, etc.
BoG: Feb. Current Account Deficit up by 1.8bln
At current prices, exports dropped by 10.3% (‑10.7% at constant prices) and imports grew by 5.7% (9.4% at constant prices).
Greece Becoming a ‘Refuge’ for German Pensioners
The government's policies to attract foreign property buyers to boot the economy is working, reports German newspaper Handelsblatt
Iran Activates Air Defense System- Reports of Attack by Israel
An Iranian official said explosions reported by Iran's media were the result of the activation of the country's air defense system, yet media reports attribute them to a drone attack by Israel
Poll: Greeks, EU Citizens Eager to Vote in European Elections
EU citizens are eager to vote in the upcoming elections for the European Parliament in June, with eight in 10 saying the current geopolitical situation makes voting imperative
Mitsotakis-Erdogan Meeting in Ankara Fixed for May 13
The Greek PM himself made the announcement from Brussels on Thursday, while he also responded to a question on Athens' intent to create a marine park in the central Aegean, an environmental initiative
Greece Aims to Boost Energy Capacity, Economy with Offshore Wind Farms
Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas
Reuters: Greek Economy Surges After Decade of Pain
Nevertheless, the article also highlights some of the challenges facing the country, with a falling birthrate and labor shortages posing a threat to the long-term outlook