Greece struggles back to markets with elections looming

Greece continues to hold a place in the news as it completes a series of milestones on its path to recuperation, while it awaits a possible change in its government that could endanger the completion of targets agreed to its second bailout.

On Tuesday, Athens sold EUR1.3bn of 3-month T-bills (Treasury bills) with borrowing costs backing down as demand remained stable. Specifically, the auction’s bid-cover ratio came in at 2.69, compared to February’s 2.7; while the yield dropped 36 basis points to 4.25%.

The auction comes on the same fateful day that EUR14.5bn in Greek bonds mature. The Hellenic Republic was theoretically able to avoid default thanks to funds issued after the IMF and EU approved the second EUR130bn bailout.

For more: Ifa Magazine • Greece struggles back to markets with elections looming