On Tuesday, Greece sold $1.51 billion in 26-week Treasury bills.

Senior Analyst, Jan von Gerich, at Nordea in Helsinki said, "Today's Greek T-bill auction very much illustrates that the country does not have any problems getting its bills sold".

Greece, in exchange of its severe asceticism and structural reforms, has received its second installment of €110 billion as a bailout package from International Monetary Fund and the European Union. Since May, Greece has got €29 billion.

Market analysts, who had expected stronger demand, mainly from local investors such as banks, on the other hand expressed that the auction of T-bills is not like that of Government bonds as T-bills mainly attract local investors, whereas Government bonds attract international investors.

The Greek Public Debt Management Agency had sold T-bills worth €1.17 billion out of €900 million of T-bills, which are scheduled to mature by March 18, 2011. This also includes the selling of 30percent of non-competitive shares. On Thursday, another 30 percent tranche will be sold off taking the total to €1.44 billion.

As compared to previous auction in July yielding 4.65%, the T-bills were sold at 4.82%, while bid-to-cover ratio was 4.54 as compared to 3.64, in July.

The PDMA has announced that the auction will be done on a monthly basis, instead of quarterly basis.

Prime Minister, George Papandreou revealed that Government's steps to control deficit are going good, so there is no further requirement of austerity measures, this year.

The investors demanded premier for holding Greek 10-year Government bonds that jumped to 900 basis points from 894 basis points by 10:15 am in London, yesterday.