Greece plans a T-bill auction holding after rating cut (AP) (08-03-2011)

ATHENS, Greece – Greece is about to hold a 1.25 billion euro T-auction, after its yesterday’s debt rating was downgraded once again.

The auction of 26-week treasury bills will take place later Tuesday.

On Monday, Moody's slashed Greece's junk rating by three notches to B1 from Ba1, prompting a furious riposte from the Greek government.

Greece's Socialist government hopes for a renegotiation on the terms of last May's euro110 billion ($154 billion) bailout deal with European countries and the International Monetary Fund.

The Prime Minister of the country began successive meetings with opposition leaders Tuesday ahead of a European Union summit on March 25.

Source: AP