Furthermore, the fact that Greece is entering an electoral cycle increases the risk of a slowdown of the reform effort and of fiscal relaxation, compounding economic uncertainty. Thus, backtracking on agreed policies would undermine the significant progress achieved so far.
Moreover, shorter-term loans under these programs were relatively quick to roll off the Fed's balance sheet. In fact, most of the lending programs expired by late 2020. And some of the emergency securities purchase programs, such as the Secondary Market Corporate Credit Facility, sold the securities they had purchased during their wind-down phases.