New line of Greek borrowing after ECB's decision

Greece's benchmark 10-year bond yield tumbled by about 50 percent on Thursday, returning to the 2 percent level from 4.1 percentage points previously, after the key move by the European Central Bank to incorporate Greece in its emergency bond-buying program.

In a move compared with the "whatever it takes" statement by her predecessor Mario Draghi in 2012, ECB President Christine Lagarde announced the launch of a "Pandemic Emergency Purchase Program" of 750 billion euros in an effort to prevent a destructive economic shock from the rapid expansion of the coronavirus that has seen borrowing costs soar in the eurozone, raising concerns even for the sustainability of the monetary union itself.

Greek bonds have never been part of the ECB quantitative easing programs as they were not given investment grade by any of the major credit rating agencies, which meant they weren't...