(Bloomberg) --

The European Central Bank said it started buying bonds under its 750 billion euro ($821 billion) emergency plan to combat the coronavirus outbreak on Thursday.

The ECB said while Greek debt is eligible for the plan, there will be no “catch up” purchases.

“The ECB will explore all options and all contingencies to support the economy to counter this extraordinary shock,” the central bank said.

Greek bonds extended their rally after the statement, sending the yield on five-year securities down more than 40 basis points.

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