Greece will auction 875 million euros ($1.16 billion) of six-month T-bills on September 3 to refinance a maturing issue, the country’s debt agency PDMA said on Friday.
Monthly T-bill sales are Greece’s sole remaining source of market funding. The settlement date will be September 6. Only primary dealers will be allowed to participate and no commission will be paid.
Athens has a stock of about 15 billion euros of T-bills, which it regularly refinances with the help of crisis-struck banks which buy and then deposit them as collateral to draw liquidity from the ECB. [Reuters]