Greece auctions treasury bills to avoid emergency funding

Greece

flickr-Simon Cocks

Greece auctions thirteen-week treasury bills in an attempt to raise €3.125 billion to avoid a financial dry up ahead of the deadline to repay the €3.2 billion loan from the European Central Bank. 

"This is to cover the country's current needs and avoid finding ourselves in a dead-end," a finance ministry official commented on the move. 

Near-bankrupt Greece has been struggling to pay salaries and pensions. The next IMF-EU bailout installment is, however, expected to keep the government solvent. 

Troika's report on the implementation of economic reforms in the country is set to be finalized at the end of September, after Greece completes its austerity cuts plan. The cuts are essential to the country's plan to qualify for the €31.5 billion disbursement and to apply for an extension to its 2013/14 deficit target.