Greece raises 1.625 billion euros in three-month treasury bills auction at higher interest rate

09:19, April 20, 2011      

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Greece raised a further 1.625 billion euros (2.31 billion U.S. dollars) Tuesday during the latest three-month treasury bills sales, according to the Greek Public Debt Management Organization, at a higher interest rate than the previous similar sale in February.

Amidst persisting scenarios of a Greek default or restructure of the Greek debt, the interest rate Tuesday increased to 4.1 percent from 3.85 percent in the previous auction of three-month treasury bills this February which raised 390 million euros (554.6 million dollars).

The Greek Public Debt Management Organization aimed to raise 1.25 billion euros (1.78 billion dollars) initially, but the demand was higher once again.

Tuesday's auction was considered by local officials and analysts as a significant test of markets' mood towards Greek economy.

Greek officials categorically reject the scenarios and voice determination to continue the Stability and Growth program launched last spring to put in order Greek finances and avoid such options.

Debt-ridden Greece narrowly escaped default May and stopped borrowing from markets due to extremely high interest rates, securing a multi-billion aid package by European Union and International Monetary Fund (IMF) in exchange of harsh austerity and reform measures.

Until its full return to markets again in 2013 according to the Greek government's timetable, Athens will continue a monthly treasury bills auction program to cover its financing needs.

Source: Xinhua
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