As for including Greek government bonds in the Public Sector Purchase Programme (PSPP), we don’t have a precise timeline. This is a decision taken independently by the Governing Council of the ECB. Programme developments and clarity on debt measures are an important input given our concerns about debt sustainability, but they are not the only determinant of the final decisions.
The Governing Council will base its assessments also on internal analysis and will take into account other risk management considerations before making its final decision. Is inclusion in the QE enough for one to argue that Greece is turning the page?