ECONOMY

ECB’s portfolio of Greek bonds tops €32 billion

ecb-s-portfolio-of-greek-bonds-tops-e32-billion

The European Central Bank purchased Greek bonds with a nominal value of 2.8 billion euros in the August-September period, in the framework of its pandemic emergency purchase program (PEPP), raising its portfolio of Greek bonds to €32.18 billion.

The PEPP program is scheduled to be completed in March 2022.

The ECB is examining ways to continue buying Greek bonds despite the fact Greek debt has not yet been rated as investment grade by international credit rating agencies.

The bank had purchased state bonds worth €1.365 trillion through PEPP by September 21, approaching the program’s €1.85 trillion ceiling.

The ECB board recently decided to slow down the pace of its bond purchases.

The large volume of Greek bonds held by ECB allows the Greek state to continue issuing new bonds in 2022.