Athens sells T-bills at lower yield

Greece yesterday raised 1.625 billion euros in the latest six-month treasury bills auction, according to an announcement by the Public Debt Management Agency (PDMA). The T-bills were auctioned at a 2.78 percent interest rate, down from 2.97 percent at the previous similar sale carried out in June, the agency stressed. The auction came as Athens awaits the disbursement of the next bailout tranche following the agreement achieved last month with international lenders for the conclusion of the second review of the third Greek bailout program, and the next steps forward.

Contraband loss. The state missed out on 600 million euros in revenues due to illegal cigarette sales in 2016, with Greece ranking second in the European Union in consumption of contraband cigarettes according to a Royal United Services Institute study. Still, consumption of illegal cigarettes fell 12 percent from 2015 in Greece.