Greek rescue bond oversubscribed
Source: Agencies |
July 14, 2010, Wednesday
|
Print Edition
Print Edition
GREECE yesterday successfully raised 1.25 billion euros (US$1.6 billion) in its first debt auction since receiving international bailout loans.
The country's Public Debt Management Agency said the sale of 26-week treasury bills was oversubscribed 3.64 times, at an interest yield of 4.65 percent. The sale was seen as an important test of Greece's financial recovery effort amid continued Europe-wide concern over sovereign debt.
Debt-strapped Greece narrowly avoided default in May, when it received the first installment of a 110 billion euro rescue package from euro-currency partners and the International Monetary Fund.
To secure the loans, Greece's center-left government imposed painful austerity measures and began overhauling its pension and labor systems, angering labor unions and triggering a series of strikes and protests.
The country's Public Debt Management Agency said the sale of 26-week treasury bills was oversubscribed 3.64 times, at an interest yield of 4.65 percent. The sale was seen as an important test of Greece's financial recovery effort amid continued Europe-wide concern over sovereign debt.
Debt-strapped Greece narrowly avoided default in May, when it received the first installment of a 110 billion euro rescue package from euro-currency partners and the International Monetary Fund.
To secure the loans, Greece's center-left government imposed painful austerity measures and began overhauling its pension and labor systems, angering labor unions and triggering a series of strikes and protests.
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