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The ECB is believed to owe Greece around €2bn in profits from its securities markets programme.
Alan Manning is Professor of Economics and Director of the Labour Markets Programme in the Centre for Economic Performance at the London School of Economics.
They said that when Greece's second bailout expired last Tuesday, €3.3bn in ECB profits from its securities markets programme due to Greece also vanished.
This "securities markets programme" (SMP) began in May 2010 to try to beat back market pressures on Greece, even though it meant the ECB backtracking on its insistence that it would never go down this route.
The ECB was very reluctant to embark on bond purchases through its "securities markets programme" last year because that took it into territory that looks suspiciously fiscal rather than monetary.
(The ECB's bond buying programme seems to have dried up, by the way. Last week there were no purchases under the securities markets programme, keeping the total bond buys at €211.5bn).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com