The eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations has been temporarily suspended by the European Central Bank (ECB). Additionally, the Governing Council decided that the liquidity needs of affected Eurosystem counterparties can be satisfied by the relevant national central banks. On the other hand, the President of the Eurogroup assured that it was expected the S&P decision to lower Greek ratings to Selective Default.

The eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic for use as collateral in Eurosystem monetary policy operations, has been temporarily suspended by the Governing Council of the European Central Bank (ECB). This decision takes into account the rating of the Hellenic Republic as a result of the launch of the private sector involvement offer.

The Governing Council also decided that the liquidity needs of affected Eurosystem counterparties can be satisfied by the relevant national central banks, in line with relevant Eurosystem arrangements (emergency liquidity assistance).

On the other hand, Jean-Claude Juncker, President of the Eurogroup, stressed that the decision by S&P to lower Greece ratings to SD (Selective Default) as a result of Greece having introduced legislation retrofitting Collective Action Clauses to certain types of Greek government bonds, have been duly anticipated and taken into account in the planning of the PSI operation. In January 2012, the rating agency granted a Triple-A rating to different European banks.