Greece raised the amount it sought to refinance maturing short-term debt on Wednesday, but at the highest yield for 11 months. Analysts say it will test Athens’ ability to raise funds amid a cash crunch.
Greece, shut out of debt markets and with aid from its official creditors frozen is scrambling to meet this month’s funding needs which include maturing treasury bills and a 1.5 billion euro loan payment to the International Monetary Fund.
The country’s debt agency PDMA sold 1.138 billion euros of six-month treasury bills on Wednesday but at a higher cost than in a similar auction last month.
The Treasury bills were priced to yield 2.97 percent up from 2.75 percent in the February sale and the highest since an issue in April last year.