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.