QE a distant hope for Greece

Greece's entry into the European Central Bank's quantitative easing (QE) program keeps getting put off, just as criticism is mounting over the effectiveness of the bond-buying program and the potential legal hazards for Frankfurt - concerns that are doing nothing to make it easier for the country to get on board.

The constant delays in the completion of the second bailout review, which should have been completed by February 2016, are putting the credibility of both Greece and the ECB in doubt, with some countries arguing that this effectively rules Greece out for the program, which could even lead to the lifting of the waiver that allows Greek bonds to be accepted as collateral for ECB liquidity to banks. That would be a very negative development as it would generate a new cycle of uncertainty in Greece, along with more pressure on banks and the economy.

According to...