Greek treasury auction averts default

Greece raised enough money through a treasury auction to avoid defaulting on a debt payment this week. The government sold more than €4 billion in debt. Greek banks are expected to fill the gap to reach €5 billion. "No one expected that the auction wouldn't be covered, although the interest rate paid on 13-week T-bills was a bit pricey," a bond trader said. "But the amount raised will be enough to cover Friday's rollover of expiring T-bills."

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