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| Greece secures short-term finance | Greece secures short-term finance |
| (35 minutes later) | |
| The Greek government has managed to sell 4.06bn euros ($5.15bn; £3.24bn) of treasury bills, which are very short-term bonds. | The Greek government has managed to sell 4.06bn euros ($5.15bn; £3.24bn) of treasury bills, which are very short-term bonds. |
| It sold the one-month bills at an interest rate of 3.95% and the three-month bonds at 4.2%. | It sold the one-month bills at an interest rate of 3.95% and the three-month bonds at 4.2%. |
| The money is needed to cover 5bn euros of old treasury bills, which are due for payment on Friday. | The money is needed to cover 5bn euros of old treasury bills, which are due for payment on Friday. |
| Greece needs to raise the money this way because it has not yet received the next tranche of its bailout loans. | Greece needs to raise the money this way because it has not yet received the next tranche of its bailout loans. |
| The remaining 940m euros needed will be raised over the next few days, but not through auctions. | |
| Eurozone ministers agreed earlier in the week to give Greece two more years, until 2016, to meet its deficit-reduction targets. | Eurozone ministers agreed earlier in the week to give Greece two more years, until 2016, to meet its deficit-reduction targets. |
| But they delayed a decision on releasing the latest 31.5bn-euro tranche of bailout funds. | But they delayed a decision on releasing the latest 31.5bn-euro tranche of bailout funds. |
| The ministers will meet again on 20 November to discuss releasing the latest instalment of bailout funds. | The ministers will meet again on 20 November to discuss releasing the latest instalment of bailout funds. |
| Greece had been pushing for the funds to be released after passing a tough budget for 2013, including further cuts to pensions and wages, in a vote on Sunday night. | Greece had been pushing for the funds to be released after passing a tough budget for 2013, including further cuts to pensions and wages, in a vote on Sunday night. |
| The interest rate paid on the three-month bills was slightly lower than at the last auction, when the rate was 4.24%. There was no comparable rate for the one-month bills. | |
| Demand for the three-month bills was slightly down on the last auction, with coverage of 1.66 times, down from 1.90 in October. | |
| The debt that needs paying on Friday comes from an auction of three-month bills in August, which was also needed to avoid a default due to delays in the payment of bailout loans from the troika of the European Central Bank, International Monetary Fund and European Union. |