Greece needs to show a strong commitment to its bailout program before the European Central Bank can start buying Greek debt as part of its asset purchase program, Mario Draghi, the bank's president, said in a letter on Wednesday.
Draghi added that even if the ECB waived the minimum credit rating requirement for Greek debt, the timing of possible asset purchases also depended on a set of additional factors linked to the program reviews and would be subject to various purchase limits.
The Greek central bank earlier said that reinstating the waiver was on the agenda, raising hopes that Greece could soon be included in the ECB's quantitative easing program.
But sources close to the bank earlier said that the waiver is unlikely until it becomes clear that the first review, due to start later this month, is heading for success. [Reuters]