Greece six-month treasury bills auction august 7 2012

Greece six-month treasury bills auction august 7 2012 : Greece sold 812.5 million euros (1 billion U.S. dollars) in a six-month treasury bills auction on Tuesday at a marginally lower interest rate compared to a previous similar sale last month, the country's Public Debt Management Agency (PDMA) announced.

PDMA secured a 4.68-percent interest rate for the 26-week treasury bills on Tuesday, down from 4.7 percent in a sale conducted on July 10.

Shut out by international markets since 2010, debt-ridden Greece relies on multi-billion euro aid packages from International Monetary Fund and European Union to avoid a chaotic default and exit from the euro zone which could send shockwaves across the international financial system.

In order to meet its financing needs in addition Greece runs a monthly treasury bill sales program.

According to Greek officials, with the latest auction Athens aims to repay a previous one billion euro issue which matures on August 10.

Another repayment of a 3.2-billion-euro (3.97 billion U.S. dollars) bond comes due on August 20.

As the country's cash reserves are drying up and Greek officials expect the release of the new installment of vital bailout loans in autumn, Greece could increase the total of funds to be raised via treasury bills auctions during August and September to meet urgent financing needs.

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