Tue, Mar08, 2011 21:38:55
The sale followed a new Moody's downgrade of Greece's credit rating on Monday, which fueled a strong reaction from the Greek government, as Athens accused international rating agencies of making unbalanced assessments of the ailing Greek economy.
PDMA secured on Tuesday an interest rate of 4.75 percent compared with 4.64 percent in the previous auction this year.
PDMA officials appeared optimistic on the result, noting that initially the target was to raise 1.25 billion euros (1.75 billion U.S. dollars), with some 30 percent of the investors being foreigners.
Greece has conducted a monthly short-term debt auction program since last year as a supplementary to the 110-billion-euro (153.7-billion-U.S.-dollar) aid package secured last May by the European Union and the International Monetary Fund to avoid bankruptcy and overcome a severe debt crisis by 2014.
Tags :bankruptcy, debt crisis, International Monetary Fund