In this report we update our earlier analysis on the potential timing, prerequisites, size and market impact of central bank purchases of eligible marketable instruments issued or guaranteed by the Hellenic Republic in the context of the quantitative easing program (PSPP) currently conducted by the Eurosystem. Our analysis suggests that an inclusion of Greek marketable debt in the aforementioned program is possible by early 2017, provided that the ECB Governing Council makes a positive assessment of the progress made in the analysis and reinforcement of the sustainability of Greek public debt and assuming no major delays in the completion of the 2nd program review
