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European Central Bank (ECB) has reinstated the Greek waiver, which enables the country’s banks to access cheap funding from European Central Bank. Sovereign bonds with only investment grade credit ratings can access ECB funds, as per the rules of the central bank but ECB provided a waiver to Greek banks to make cheaper funds available to them. Current sovereign debt of the Greek government is rated as junk.
Last year in February when ECB removed the waiver, Greek banks had to rely on ECB’s much more expensive source Emergency Lending Assistance (ELA). However, as Greece successfully completes its first bailout review and received a disbursement of €7.5 billion loan tranche European Stability Mechanism (ESM) it was widely expected that ECB will reinstate the waiver.
With the waiver, Greek banks can now have access to free loans from ECB, given under the TLTRO II program. This may provide €27 billion funding to Greek banks. But Greek will not benefit from ECB’s other programs like the asset purchases.
Athens’ benchmark stock index, ASE is currently trading at 611, up more than 35 percent since bottoming in February.
