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Greece fears ease after 5-year bond sale

Tuesday 26th January 2010
By Mike Jones

The Greek economy enjoyed a welcome boost as demand for its first bond issue of the year was three times more than the amount available for purchase.

Greece has seen its credit rating downgraded in recent weeks - and there were fears that it could default on its debt.

This has also had the knock-on effect of hitting the strength of the euro against major currencies.

The success of the five-year bonds auction should provide Greece with enough money to repay its short-term debt obligations.
The markets responded with the yield on five-year bonds falling by nine basis points to 5.82%, where a lower yield reflects a higher price.

The yield spread between Greek bonds and German bunds also fell after the auction.

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