Dow Jones is reporting that ECB-held Greek bonds bought under the Securities Market Program have been exchanged, according to a source.
National central banks will have to talk to Greece about their own holdings but Germany’s Bundesbank is said not to hold Greek bonds, they report.
The new bonds the ECB holds are written under Greek law and presumably don’t have a collective action clause.
There is not much of a takeaway here other than signs of progress in the PSI.
