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Greece continues hand to mouth borrowing


Greece continues hand to mouth borrowing


Athens sold 812.5 million euros worth of treasury bill on Tuesday. They are due to mature in six months.

That short-term borrowing is the only way the government can raise money right now as it is locked out of the bond markets in the midst of its debt crisis.

Greek banks, rather than international investors, mostly buy the T-bills.

Greece paid a yield of 4.68 percent, two basis points below the previous auction.

The auction will fund the rollover of a previous 1.0 billion euro issue that comes due on August 10.

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