The yield spread between ten-year Greek government bonds and equivalent German government bonds has declined by around 250 basis points since the start of our pandemic emergency purchase programme. But we are not there yet.
The latest ECB staff projections foresee a contraction in euro area real GDP of 8.0% this year; economic activity is expected to return to growth in the following two years but to recover to precrisis levels only by the end of 2022.