Morning briefing-ECB to begin buying sovereign bonds

The launch of the ECB’s sovereign bond purchasing programme today is likely to offset any potential concerns arising from the negotiations surrounding Greece’s bailout programme at a meeting of EU finance ministers today.

The meeting will discuss reform proposals outlined by the Greek government which were demanded by creditors if the country is to receive any further bailout disbursements. At present, the proposals outlined by the Greeks have fallen short of expectations, with various reports describing the proposals as “amateurish”.

While the prospect of another deadlock cannot be ruled out, Greece´s importance to the EU programme has been made clear by  European Commission president Jean-Claude Juncker, who stated that a Grexit scenario remained unthinkable, noting that should Greece leave the EU it ” would cause irreparable damage to the reputation of the European Union throughout the world.”