ECB remains cautious about QE purchases of Greek bonds

Regarding QE purchases of Greek bonds, he indicated that there would be "some room" after the 20 July SMP repayment, as ECB holdings would be lower than 33% of Greek debt. Yet, his tone was cautious. Indeed, the conditions attached to the deal suggest this is not a nearterm prospect. 

The ECB decision on 4 March (2015/774) indicated that government bonds that do not have the required rating (not investment grade) would need a waiver. This waiver would be attributed to those countries under a financial assistance programme and only when there is credible compliance and implementation of the programme. 

On 10 February, the ECB considered that the Greek government was no longer in compliance with the conditionality attached with the second bailout programme. Lastly, "moreover, during reviews in the context of financial assistance programmes for a euro area Member State, eligibility would be suspended and would resume only in the event of a positive outcome of the review". 

"This suggests that Greece would continue to be excluded from any asset purchase programme until winter", says Societe Generale.