• Conditionality attached to EFSF/ESM program
• Can be full or precautionary program
• IMF involvement will be sought
• ECB to conduct transactions as warranted and will terminate them if conditionality not met
• ECB will have full discretion to terminate program when goals achieved or conditions not met
• No limit on bond buying
• Maturities of 1-3 years
• Eurosystem will accept pari passu treatment as other bondholders (will not be preferred creditor)
• Liquidity will be fully sterilized
• Purchases will be published on a weekly basis
• SMP is terminated, liquidity will be absorbed as in the past
• SMP holdings will be held to maturity