12 Nov 2012

Greece seeks urgent bridge financing

8:48 am on 12 November 2012

Greece is to make an urgent bid to raise funds from the financial markets in case it does not get another tranche of bailout aid in time to repay debts.

This week, the country plans to issue bonds, repayable in one and three months, to cover debt repayments due on Friday, the BBC reports.

The bond issue is to raise €3.1 billion euros, to help the country repay creditors owed about €4 billion.

Greece is negotiating to secure aid worth €31.5 billion from the European Union and International Monetary Fund.

Analysts say the auction is an unusual, but necessary step.