Greek borrowing costs dip in short-term auction

(AP) Greece's short-term borrowing costs have dropped slightly in an auction of 26-week treasury bills, from which the debt-crippled country raised 812 million ($1 billion).

The country's public debt management agency says Tuesday's sale was 2.06 times oversubscribed and carried a yield of 4.68 percent, compared to 4.7 percent last month.

Greece is maintaining a market presence through regular T-bill auctions. The country has been priced out of bond markets, and relies on international rescue loans to finance its government overspending.

In return for two massive bailout packages, Athens has adopted harsh and deeply resented austerity measures. The seven-week-old coalition government has agreed to creditor demands for a further 11.5 billion ($14.2 billion) in cutbacks in 2013-2014. Details of the new cuts are expected to be announced by September.