The ECB has bought €35bn of Greek bonds over the past two years.
Greece ECB after March the vast bond-buying scheme launched in response to the pandemic is expected to end. When it stops net purchases under the PEPP, the central bank is expected to continue buying bonds under the longer-standing Asset Purchase Programme.
But this scheme is barred from buying junk bonds.
A Greek official said the country hoped to avoid another Deauville
FT 12 December 2021
https://www.ft.com/content/f702bc0e-2769-4cdd-ad89-7186ac2cb6e3
The euro zone's decision to impose losses on holders of Greek government bonds has been an unmitigated disaster breaking the unwritten rule that sovereign bonds from a developed economy are risk-free
Simon Nixon, WSJ 7 October 2011
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