Greece T-Bill Sale Oversubscribed, Yields Jump

Greece easily sold a total of 1.2 billion euros ($1.63 billion) of 6-month and one-year T-bills on Tuesday, passing its first borrowing test since details of an EU/IMF safety net were announced at the weekend.

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The debt agency accepted an additional 360 million euros in non-competitive bids, bringing the total proceeds to 1.56 billion euros.

The successful sale may encourage Greece to continue trying to go it alone in refunding its debt instead of applying for emergency loans, although borrowing remains quite costly, adding to budget strains. Read more