Greece raises cash in 3-year bond auction

 

The Associated Press

Greece has raised 1.5 billion euros ($2.04 billion) in an auction of three-year bonds, its second debt issue in three months after a long absence from the international markets.

The finance ministry said Thursday it had accepted 1.5 billion euros of the 3 billion euros offered by investors, and that the yield had been set at 3.5 percent.

It expressed satisfaction with the sale, which it said was carried out amid an "exceptionally unfavorable economic climate in the international markets yesterday and today." Bond markets sank Wednesday and Thursday in a pullback after sharp gains, and following announcements by the Federal Reserve that it would end it stimulus program in October.

Greece was frozen out of bond markets in 2010 and was saved from bankruptcy by an international bailout.

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