September 23, 2019 / 3:49 PM / 21 days ago

Draghi confident of ECB buying Greek bonds if progress made

European Central Bank (ECB) President Mario Draghi testifies before the European Parliament's Economic and Monetary Affairs Committee in Brussels, Belgium September 23, 2019. REUTERS/Francois Lenoir

FRANKFURT (Reuters) - Greece can be included in the European Central Bank’s asset purchase programme, known as quantitative easing, if it continues to make progress in implementing reforms, ECB President Mario Draghi said on Monday.

“I’m pretty confident that if things continue to move in this way and the progress continues to be significant on the path of reform, there will conditions that Greece can participate in QE but progress has to be made, (it) has to continue,” Draghi told the European parliament’s committee on economic affairs.

For Greece to participate in bond purchases, it must have least one investment grade credit rating from a major rating agency and its debt must be deemed by the ECB as sustainable.

Reporting by Balazs Koranyi; Editing by Francesco Canepa

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