Pan-European Pension

The European Central Bank reduced its Greek bond holdings by €172 million in June and July, to €37.979 billion, €1.82 billion from its spring 2022 high of €39.8 billion.

The ECB had purchased these bonds as part of its Pandemic Emergency Purchase Program (PEPP) despite the fact that Greek debt was, and still is not, investment grade.

The American rating agency Standard & Poor's upgraded Greece's credit rating from grade BB to BB +, with a stable outlook, bringing the country just one step from the investment grade.

On this episode we discuss the challenges the Greek economy faces as a result of the pandemic, and focus on the positive impact the European Central Bank's emergency bond-buying program (PEPP) has had on the Greek economy.

Greece ought to feel confident that it will comfortably overcome the absence of European Central Bank support, analysts tell Kathimerini, while noting that Frankfurt's emergency bond-buying program (PEPP) looks set to continue for now.

Fitch Ratings officials appeared optimistic about Greece's economic outlook ahead of this Friday's credit rating report on the country during an online debate last week on the impact the pandemic has had on the assessments and the sustainability of eurozone member-states' finances.

Greece secured two vital sources of liquidity from the European Union on Thursday that will help it to rebound next year: the extension of the European Central Bank's extraordinary bond-buying program (PEPP) and the unblocking of the Next Generation EU fund following the agreement of the majority of EU states with Hungary and Poland.

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.

The permanent representatives of member states to the EU on Wednesday approved the agreement reached between the presidency and the European Parliament on 13 December on the proposed 'pan-European pension product' (PEPP), a new class of personal pension scheme, informs a press release of the Council of EU.

The Council has agreed its negotiating stance on a proposal that would make it easier for people to put money aside for their old age.

On 19 June 2018, EU ambassadors asked the presidency to start negotiations with the European Parliament on the proposed 'pan-European pension product' (PEPP), a new class of personal pension scheme, as soon as the Parliament is ready to negotiate.