Greece has benefited most from new QE

It may be hard for the yields of the benchmark bonds to return to the all-time lows of 0.92 percent observed just a few months ago, but the recovery of the Greek debt over the rest of 2010 and in 2021 appears necessary, according to analysts.

Greece has two major weapons in this unprecedented crisis: the absolute support of the European Central Bank and a cash buffer that - if it remains robust till the end of the crisis - can safeguard the country's continued access to the markets with manageable yields.

Greece is already one of the biggest winners of the ECB's new bond-buying program - the Pandemic Emergency Purchase Program, or PEPP.

Greek bond yields have recorded the biggest drop since Frankfurt announced this extraordinary program on March 18: From the pre-PEPP level of 4.1 percentage points, Greek yields currently stand at 2.15 percentage points, i.e. 48...