The European Central Bank has acquired 4.69 billion euros of Greek bonds since it launched its emergency bond-buying program in late March to support the eurozone in the face of the coronavirus pandemic.
The inclusion of Greek bonds in this program has supported the Greek market considerably, sending benchmark Greek bond yields tumbling 60% from 4 percentage points to just 1.47 percentage points in under three months. On Tuesday Frankfurt published detailed figures for the first time on the purchases it has made under this new quantitative easing program, confirming the high amount of Greek debt the ECB has acquired.
As Daniel Lenz, a DZ Bank bond market analyst, tells Kathimerini, Greek bonds constitute a very attractive investment option at the moment, especially for short-term investors, thanks to the participation of Greek debt in the new ECB program.
He also estimates that Greek bonds will benefit from a possible agreement for the European Commission’s Recovery Fund, as Greece will be among the states to benefit most from the funds to be distributed in grants and loans in terms of gross domestic product.