ATHENS: Greece has raised €1.625 billion ($2 billion) in a 26-week treasury bill auction that saw the interest rate ease marginally compared to a similar sale last month.
The country's Public Debt Management Agency said Tuesday's sale produced an interest rate of 4.70 percent, slightly down from 4.73 percent in June. Demand was also slightly up, with Tuesday's auction 2.16 times oversubscribed, compared to 2.14 times last month. Greece had originally been seeking to raise €1.25 billion in the sale.
Greece has been locked out of the international borrowing markets by exceedingly high interest rates reflecting investors' lack of confidence in its long-term bonds. While Greece relies on international rescue loans, it has continued issuing treasury bills as a means of maintaining market presence.