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Rate eases in Greek T-Bill sale

Tuesday, 16 Oct 2012 | 6:31 AM ET

ATHENS, Greece -- Greece has raised (EURO)1.625 billion ($2.11 billion) in an auction of 13-week treasury bills at a slightly lower rate of 4.24 percent.

The Public Debt Management Agency on Tuesday said the rate had dropped from 4.31 percent at the previous such auction on Sept. 18. Demand for the debt Tuesday was 1.9 times the amount on offer.

Greece has been surviving on emergency loans from eurozone countries and the International Monetary Fund for more than two years. It is currently locked in protracted negotiations with rescue creditors for a major new austerity package that is set to take the country into a sixth year of recession in 2013.