Greek $5 Bln Debt Auction Staves Off Default

Subscribe
Greece auctioned 4.062 billion euros ($5 billion) in short-term debt to repay its maturing sovereign bonds and stave off a possible default, the Public Debt Management Agency reported on Tuesday.

ATHENS, November 13 (RIA Novosti) - Greece auctioned 4.062 billion euros ($5 billion) in short-term debt to repay its maturing sovereign bonds and stave off a possible default, the Public Debt Management Agency reported on Tuesday.

Greece auctioned a total of 2.763 billion euros worth of 13-week T-bills and 1.299 billion euros worth of one-month bills to repay its 5 billion euro ($6.35 billion) bonds maturing on November 16.

Greek banks traditionally buy most of the T-bill issues to offer them as collateral for the local central bank to get much-needed liquidity.

Greece has had to resort to expensive short-term borrowings after eurozone finance ministers failed to reach agreement on Monday to disburse the next 31.5 bln euro tranche of bailout funds to Greece, despite the Greek government’s efforts to meet the demands of the international lenders.

Concerns surrounding the Greek fiscal crisis have sent the euro below the $1.27 mark to a two-month low against the US dollar.

 

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала