Connect to share and comment

Greece raises 1.6 billion euros

PlacardEnlarge
(Globalpost/GlobalPost)

Greece has raised 1.6 billion euros ($2.1 billion) through the auction of treasury bills, Athens said on Tuesday.

The sale raised an equal amount as the previous auction last month and, crucially, at the same borrowing rate of 4.2 percent, the country's public debt management agency said.

"Total bids reached 2.1 billion euros and the amount finally accepted was 1.6 billion," the agency said in a statement.

Greece regularly issues short-term debt after being shut out of the long-term markets since 2010.

Athens is reliant on European Union and International Monetary Fund rescue loans for its economic survival.

On Monday, eurozone finance ministers agreed to release 6.8 billion euros ($8.8 billion) of fresh aid to Greece, in return for the implementation of urgently needed reforms.

Under the terms of the deal, some 4.0 billion euros ($5.1 billion) should be paid out "in the coming weeks", according to European finance chiefs.

A further 1.0 billion euros is expected in October ($1.3 billion), in payments shared by the eurozone rescue fund, EFSF, and European central banks.

The IMF is also expected to provide 1.8 billion euros ($2.3 billion).

burs-kv/dh/jz

http://www.globalpost.com/dispatch/news/afp/130709/greece-raises-16-billion-euros