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Greece collected 1,625 billion euros from the sale of 26-week bills at interest rate of 4.75%, said Petros Christodoulou, Head of the Greek Public Debt Management Agency. The interest rate at which the issued bills were sold today is higher than the previous auction of short-term government securities held in late February. The end figure includes 375 million euros collected from more unfavourable bids. One third of the amount is collected from foreign investors.

Old bills, amounting to 1,450 billion euros, fall due in March and they will be repaid with the revenue from today's auction. Greece’s total obligations to its creditors reached 12,900 billion euros this month. The three-year bonds, of which Greece will have to pay its creditors 9 billion euros fall due on March 20, and its interest obligations on bonds and bills amount to another 2,440 billion euros. Again in March, the country has to be paid the fourth installment of the financial support by the European Commission, the European Central Bank and the International Monetary Fund which is worth 15 billion euros and will cover obligations to creditors.
 
The Greek spread-yield registered its biggest jump in the last two months on world markets and reached 933 basis points. Analysts explain the increase in the interest rate of Greek securities with the yesterday's decision of Moody's to lower the credit rating of Greece with three points. Although Greek securities have been in the junk non investment grade even before the yesterday's assessment, the drop in their rating to B1 lead to even greater uncertainty in markets. The Athens Stock Exchange registered drop in the shares of Greek banks, the largest holders of Greek securities. The banking index decreased by 2.92%. The shares of National Bank of Greece fell by 3.18%, of Alpha Bank by 3.06%, of Eurobank EFG by 3.49%. Moody’s is expected to lower and the credit rating of Greek banks in the coming days.  

The Greek state plans to enter the world markets again on March 15 when bills with 13-week maturity will be issued.

Overshadowed by Moody's decision the Greek Prime Minister George Papandreou is meeting the leaders of political parties in Greece to find a political consensus on the outcome of the economic crisis. The first to meet the Prime Minister this morning was New Democracy’s leader Antonis Samaras, who refused to make statements to journalists when leaving. A statement was made later from his office that Greece should renegotiate the conditions of the Memorandum with the Troika as according to Samaras it has become the main obstacle for the Greek economy.

Papandreou's meetings with leaders of political parties was preceded by a Council of Ministers meeting which began after the announcement of Moody's decision and continued five hours until midnight. George Papandreou said during the meeting that he would push for bold solutions at the EU summit on March 25 and in case half-way measures are offered he will put a veto. Тhe Greek government will place on the European table for negotiations the known triptych - rescheduling of debt payments, reducing its interest rates and the right to buy back the debt. While Germany is talking about 7 years of debt rescheduling, the Greek government is pushing for 10 years. Package solution for the euro and the debt crisis or no solution is the ultimatum the Greek Prime Minister will issue to his colleagues from the European Union.