Greece sold over a billion euros worth of short-term treasury bills Wednesday in a bid to scrape together enough cash to meet is debt repayment deadlines, while a visit to Moscow might also give the country a desperately needed financial lifeline.
The Greek authorities sold 1.138 billion euros ($1.23 billion) worth of six-month T-bills at a yield of 2.97 percent Wednesday, the country's debt agency PDMA said.
There was a relatively healthy demand for the short-term debt -- the bid to cover ratio was 1.30. The auction was one of two short-term bond sales taking place this month to roll over the maturity of its six-month bills on April 14th, and raise money as a credit crunch looms.
The sale's success was crucial to Greece as it has a loan repayment of 450 million euros due to the IMF on Thursday and has to cover its pension and wages bill this month.
Greece's room for maneuver has rapidly diminished. It has been the recipient of two international bailouts, worth a combined 240 billion euros and in February, its second bailout program was extended by the IMF, European Commission and European Central Bank by four months to give it more time to make drastic reforms in return for a final tranche of aid.
Since then, however, little concrete progress has been made in reforms with Greece's suggestions rejected by its creditors, and a final tranche of 7.9 billion euros worth of aid remains unlocked.
There is hope of a reform and aid deal can be reached on or before April when the Eurogroup of finance ministers meets in Brussels.
One analyst said that while he expected the debt sale to go well today, the drama surrounding Greece was only just beginning.
"We've got this unfolding drama throughout April," Michael Gallagher, Director of Research at IDEAGlobal, told CNBC Wednesday. "And the real drama begins in summer when we've got to negotiate a third 30 billion euro package for Greece. On balance, we think the deal will be there (on April 24 at the Eurogroup meeting) but there's a lot of politicking going on."
Greek Prime Minister Alexis Tsipras is due to meet Russian President Vladimir Putin in Moscow Wednesday and as his country apparently approaches economic ruin, analysts are concerned Tsipras could resort to drastic measures to save it from collapse.
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Speculation has mounted that the visit, an encounter between two isolated countries in Europe that are both facing economic crisis, could yield some relief for both Greece and Russia.
Speculation has mounted that Russia could cut Greece some slack by lifting a ban on its fruit imports or giving it cut-price gas - or could even offer it an outright financial aid package and Greece could be desperate enough to take any offer.