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Greece raises cash to make key debt repayment

Thursday - 11/15/2012, 7:09am  ET

ATHENS, Greece (AP) -- Greece has raised a further EUR937.5 million ($1.2 billion) from new bids for treasury bills issued this week, bringing the total to just under EUR5 billion -- enough to avoid bankruptcy on Friday, when it has to make a debt repayment.

To afford the repayment, Greece auctioned four-week and 13-week bills on Tuesday and continued to accept bids until Thursday.

It was essential for the debt-ridden country to raise the EUR5 billion this week as its next bailout rescue loan from other eurozone countries and the International Monetary Fund is not expected until the end of the month.

Without the money raised this week, Greece would have faced bankruptcy on Friday, the day on which treasury bills it issued in August will mature.


Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.