Greece raises 1.6 billion euros in T-bill sale

Greece says it has raised 1.625 billion euros ($2.07 billion) in the sale of 26-week treasury bills, at a marginally lower interest rate than a similar auction last month.

The country’s debt management agency said Tuesday’s sale was 2.8 times oversubscribed and carried a yield of 4.9 percent, marginally down from the 4.95 percent yield in the December auction. The country had originally been seeking to raise 1.250 billion euros.

Debt-crippled Greece relies on international rescue loans to keep solvent. Although unable to issue long-term debt due to incredibly high borrowing costs, it maintains a market presence through regular treasury bill auctions.

[Associated Press]