Greece raises 2.26 bln USD in T-bills auction at reduced rate

09:29, July 13, 2011      

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Greece raised 1.625 billion euros (2.26 billion U.S. dollars) during a three-month treasury bills sale at slightly reduced interest rate compared to the previous one held in June, the Greek Public Debt Management Agency announced here on Tuesday.

Greek 26-week treasury bills on Tuesday were sold at an interest rate of 4.9 percent, down from the 4.96 percent secured during last month's auction.

According to the announcement, foreign investors bought 22 percent of the treasury bills on offer in comparison to 37 percent previously.

Tuesday's sale was held as Greek Prime Minister George Papandreou warned that European counterparts should act quickly with determination through a comprehensive plan to counter the Greek debt crisis and avoid contagion across the euro zone.

That was the message sent from Athens through a letter addressed to Eurogroup head Jean Claude Juncker on Monday evening as euro zone Finance Ministers in Brussels debated the terms of a second bailout pact for Greece and during Papandreou's address in a Greek cabinet meeting on Tuesday noon.

"Europe realizes with delay that the problem is wider. Starting from Greece and other countries now, the crisis turns into an attack against euro by speculators who act uncontrollably in a globalized financial system," noted Papandreou in his letter, stressing that Europe should reach decisions of historic importance soon.

Debt-ridden Greece escaped default twice since spring 2010 with aid from EU partners and International Monetary Fund.

The country is still excluded from international markets due to high borrowing costs and under heavy pressure from lenders to fully implement an austerity and reform program to secure further multi-billion euro support over the next four years.

The crisis now threats more euro zone economies. Possible contagion over Italy is worrying the EU leaders and makes the need to drastically address the problem more urgent.

Source: Xinhua
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