Greece raises another 1.625 billion euros in debt auction

13:58, April 13, 2011      

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Greece raised another 1.625 billion euros (2.35 billion U.S. dollars) in a sale of six-month bills Tuesday, the Greek Public Debt Management Agency said.

The yield has risen to 4.8 percent from 4.75 percent offered in the last six-month bill sale in March in the wake of a credit downgrade from rating agency Moody's.

The auction has garnered strong demand, with 41 percent of the take-up coming from foreign investors, Greek officials and analysts said.

The auctions are mandatory under the memorandum agreement signed in May2010 with the International Monetary Fund and the European Union for a 110-billion-euro package (146 billion U.S. dollars) to avoid certain default.

The debt-ridden Mediterranean state has implemented harsh austerity measures and reforms, aiming to overcome the debt crisis by 2014 and fully return to the markets by 2012. Until then Athens will continue its monthly short-term debt auction program.

Source: Xinhua
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