Greece secures short-term finance

Written By Unknown on Selasa, 13 November 2012 | 18.19

13 November 2012 Last updated at 06:00 ET

The Greek government has managed to sell 4.06bn euros ($5.15bn; £3.24bn) of treasury bills, which are very short-term bonds.

It sold the one-month bills at an interest rate of 3.95% and the three-month bonds at 4.2%.

The money is needed to cover 5bn euros of old treasury bills, which are due for payment on Friday.

Greece needs to raise the money this way because it has not yet received the next tranche of its bailout loans.

The remaining 940m euros needed will be raised in non-competitive sales over the next few days.

Eurozone ministers agreed earlier in the week to give Greece two more years, until 2016, to meet its deficit-reduction targets.

But they delayed a decision on releasing the latest 31.5bn-euro tranche of bailout funds.

The ministers will meet again on 20 November to discuss releasing the latest instalment of bailout funds.

Greece had been pushing for the funds to be released after passing a tough budget for 2013, including further cuts to pensions and wages, in a vote on Sunday night.


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