The European Central Bank on Monday said it would suspend the application of the minimum credit rating threshold in the collateral eligibility requirements for credit operations in the case of debt instruments issued or guaranteed by the Greek government. This suspension will stay in place "until further notice."
On Sunday, the Greek government approved an economic and financial adjustment program, under which it would receive 110 billion euros from the European Union and the International Monetary Fund.
The ECB said the program was "appropriate." "This positive assessment and the strong commitment of the Greek government to fully implement the program are the basis, also from a risk management perspective, for the suspension announced herewith," the central bank said.
The suspension applies to all outstanding and new marketable debt instruments issued or guaranteed by the Greek government.
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