• We think they are not relevant
  • ECB will buy negative yield debt down to deposit rate

That's a big deal for bond yields which are dropping on the comment. It also draws a line for yields at the deposit rate

  • Says accommodative policy is being passed down to economy
  • ECB is the to first wish for the restart of financing the Greek economy if the conditions are in place
  • Right now the ECB cannot buy Greek bonds
  • Currently, purchase program cannot buy debt of program country
  • Can only buy investment grade bonds, Greece needs waiver re-instated
  • ECB has a 33% limit of bond buying per issuer
  • ECB would buy Greek debt from Jul/Aug if waiver in place

And now it's all kicking off with a reporter jumping the queue :-D