ECB rejects Greek bonds in reaction to rating cut
The European Central Bank (ECB) today announced it would not be accepting Greek bonds as collateral for the time being.
"The governing council of the ECB has decided to temporarily suspend the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic [Greece] for use as collateral in eurosystem monetary policy operations," said the ECB.
The decision took into account the Greek rating "as a result of the launch of the private sector involvement offer", the ECB
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