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Greece faces higher borrowing costs
Source: Agencies |
November 10, 2010, Wednesday
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DEBT-RIDDEN Greece is facing slightly higher borrowing costs as it sells 390 million euros (US$542.76 million) in 26-week treasury bills.
The country's debt management agency said yesterday's sale, originally for 300 million euros, was oversubscribed 5.15 times and had a yield of 4.82 percent.
A similar auction on October 12 for 900 million euros had been oversubscribed 4.22 times but had a slightly lower yield of 4.54 percent.
Greece began monthly short-term debt issues in September to maintain a presence in the market after its financial crisis effectively blocked it out of the long-term international debt market, with investors demanding prohibitively high interest rates for its bonds.
The country's debt management agency said yesterday's sale, originally for 300 million euros, was oversubscribed 5.15 times and had a yield of 4.82 percent.
A similar auction on October 12 for 900 million euros had been oversubscribed 4.22 times but had a slightly lower yield of 4.54 percent.
Greece began monthly short-term debt issues in September to maintain a presence in the market after its financial crisis effectively blocked it out of the long-term international debt market, with investors demanding prohibitively high interest rates for its bonds.
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