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Recital 7

Recital 7

(7)As regards the eligibility, for the purposes of the PEPP, of marketable debt securities issued by the central government of the Hellenic Republic, the Governing Council assessed: (a) the need to alleviate pressures stemming from the unfolding COVID-19 outbreak which have severely affected the Greek financial markets; (b) the commitments undertaken by the Hellenic Republic in the context of the Enhanced Surveillance and the monitoring of the implementation thereof by Union institutions; (c) the fact that medium-term debt measures for the Hellenic Republic delivered via the European Stability Mechanism depend on the continued implementation of these commitments; (d) the direct access to information by the ECB on the economic and financial situation of the Hellenic Republic as a result of the involvement of the ECB in the Enhanced Surveillance framework; and (e) the fact that the Hellenic Republic had regained market access. Based on this assessment, the Governing Council decided that marketable debt securities issued by the central government of the Hellenic Republic will be eligible for purchases under the PEPP.

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