Greece sells ?4.4 billion-worth of short term debt as it awaits bailout payment

Greece has raised €4.4 billion ($5.7 billion) in two short-term debt auctions, needed to plug gaps as the country awaits a long-delayed rescue loan payment.

The debt management agency said Tuesday it took €2.76 billion from one-month Treasury bills — an unusually short-term issue which Greece has resorted to twice in as many months.

The yield was slightly higher than in last month's auction, reaching 3.99 percent compared to 3.95 percent.

Greece also raised €1.62 billion in six-month T-bills, whose yield declined to 4.38 percent from 4.41 percent in November.

Later Tuesday, the deadline expires for private investors to participate in a bond buyback hoped to shave some €20 billion off Greece's debt load. If successful, the deal will allow smooth disbursement of an international bailout payment on Thursday.