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ECB Says It Started Bond Buying Under Emergency Program

Published 26/03/2020, 10:22
Updated 26/03/2020, 10:45
© Bloomberg. A police vehicle sounds it sirens during social distancing operations to control the spread of coronavirus near the European Central Bank (ECB) headquarters at night in Frankfurt, Germany, on Wednesday, March 18, 2020. Europe’s bonds looked set for gains after the European Central Bank came to the rescue of debt markets for a second time this month with a 750 billion euro ($820 billion) quantitative easing package. Photographer: Alex Kraus/Bloomberg

© Bloomberg. A police vehicle sounds it sirens during social distancing operations to control the spread of coronavirus near the European Central Bank (ECB) headquarters at night in Frankfurt, Germany, on Wednesday, March 18, 2020. Europe’s bonds looked set for gains after the European Central Bank came to the rescue of debt markets for a second time this month with a 750 billion euro ($820 billion) quantitative easing package. Photographer: Alex Kraus/Bloomberg

(Bloomberg) --

The European Central Bank said it started buying bonds under its 750 billion euro ($821 billion) emergency plan to combat the coronavirus outbreak on Thursday.

The ECB said while Greek debt is eligible for the plan, there will be no “catch up” purchases.

“The ECB will explore all options and all contingencies to support the economy to counter this extraordinary shock,” the central bank said.

Greek bonds extended their rally after the statement, sending the yield on five-year securities down more than 40 basis points.

©2020 Bloomberg L.P.

© Bloomberg. A police vehicle sounds it sirens during social distancing operations to control the spread of coronavirus near the European Central Bank (ECB) headquarters at night in Frankfurt, Germany, on Wednesday, March 18, 2020. Europe’s bonds looked set for gains after the European Central Bank came to the rescue of debt markets for a second time this month with a 750 billion euro ($820 billion) quantitative easing package. Photographer: Alex Kraus/Bloomberg

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