Greece raises €1.3bn in treasury bill auction low interest rate

Greece raised on Tuesday another 1.3 billion euros (1.7 billion U.S. dollars) during a treasury bills sale at an interest rate which dropped at a two year low, according to the country's Public Debt Management Agency (PDMA). The three-month treasury bills were sold at 4.02 percent, down from the 4.05 secured during the previous similar auction in April this year. It is the lowest rate achieved since April 2011, PDMA officials noted. Since 2010 debt-ridden Greece has been shut down from international financing markets and relies on bailout aid from European Union and International Monetary Fund (IMF) lenders to avert default. In addition, in order to cover its financing needs, the country runs a monthly treasury bills auction program.