ECONOMY

Greek borrowing costs rise in 3-month T-bill sale

Greece sold 1.3 billion euros ($1.69 billion) of three-month T-bills on Tuesday, with the yield rising by 5 basis points compared to an auction in November, its debt agency PDMA said.

The sale’s bid-cover ratio was 2.91, down from 2.94 in the previous auction. Greece paid a yield of 4.68 percent, up from 4.63 percent in the November 15 sale, PDMA said.

Tuesday’s sale included 300 million euros in non-competitive bids.

Monthly T-bill sales have been Greece’s sole source of market funding since it was shut out of bond markets early last year when its derailed finances triggered the country’s worst crisis in decades. [Reuters]