After the completion of the last step for the first evaluation of the Greek bailout program; the formal endorsement of the institution΄s report by the ESM board of directors, which took place last Friday, all eyes are now turned to the ECB.
The board of directors of the European Central Bank is expected to meet on Wednesday, Jun 22 in order to decide on the re-application of the waiver concerning the, low rated, Greek bonds. The ECB had set the completion of all prior actions and the successful end of the first evaluation as an absolute necessity in order to re-establish the waiver rule.
At the same time, the ECB is expected to decide on when it wil include Greece in the Quantitative Easing Program. The program concerns national bonds worth 5bn euros which are held by Greek funds.
Both the recommencing of the waiver as well as the QE are most probably going to take place in autumn. Both measures are expected to improve the cash availability of the Greek banks.