Greece Sold a Billion in Euro Bonds to Meet Repayment

Greece sold over a billion euros worth of short-term treasury bills Wednesday in a bid to scrape together enough cash to meet is debt repayment deadlines, while a visit to Moscow might also give the country a desperately needed financial lifeline.

The Greek authorities sold 1.138 billion euros ($1.23 billion) worth of six-month T-bills at a yield of 2.97 percent Wednesday, the country’s debt agency PDMA said.

There was a relatively healthy demand for the short-term debt — the bid to cover ratio was 1.30. The auction was one of two short-term bond sales taking place this month to roll over the maturity of its six-month bills on April 14th, and raise money as a credit crunch looms.

The sale’s success was crucial to Greece as it has a loan repayment of 450 million euros due to the IMF on Thursday and has to cover its pension and wages bill this month.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza