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Greece raises 1.625 bn euros, rate steady

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(Globalpost/GlobalPost)

Greece raised 1.625 billion euros ($2.1 billion) in three-month treasury bills on Tuesday as another general strike gripped the country, officials said.

The issue carried the same borrowing rate of 4.02 percent as the equivalent auction in June, the country's public debt management agency said.

"Total bids reached 2.125 billion euros and the amount finally accepted was 1.625 billion," the agency said in a statement.

Greece regularly issues short-term debt after being shut out of long-term borrowing markets since 2010 and has since relied on European Union and International Monetary Fund loans for its economic survival.

Eurozone finance ministers last week agreed to release 6.8 billion euros ($8.9 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.

But to obtain the money, Athens has been forced to dismiss or redeploy nearly 30,000 civil servants by the end of the year.

A general strike, the fourth against austerity this year, was held on Tuesday.

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http://www.globalpost.com/dispatch/news/afp/130716/greece-raises-1625-bn-euros-rate-steady