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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Greece attracts strong treasury bill demand AFP - 2 hours 49 minutes ago Send IM Story Print ATHENS (AFP) - – Greece on Tuesday drew strong demand for a test debt issue but had to offer high interest rates despite a stand-by rescue guarantee from the eurozone on Sunday. Dangling a return of over more than 4.0 percent, Athens raised 1.56 billion euros (2.12 billion dollars) from six-month and one-year treasury bills compared to an initial target of 1.2 billion euros. Greek officials hailed the issue as a success, pointing to offers worth 3.9 billion euros for the six-month bills and 4.6 billion euros for the one-year version. But the yield, or rate, on both issues was far higher than the return on similar issues in January, although the levels were a sharp improvement on recent market quotes. Finance Minister George Papaconstantinou said the sale showed that Athens was able to meet its borrowing goals "without hindrance". He told parliament: "Our target is, and we believe we will continue on this course, to be able to borrow without hindrance on the markets, as we did today with the treasury bills." The yield or interest rate paid on the six-month bill will be 4.55 percent and higher at 4.85 percent on the one-year bill. The last time Athens offered a six-month T-bill, in January, the rate was 1.38 percent with 2.20 percent paid on the one-year paper. Treasury bills are usually issued by governments to cover short-term financing needs. The loan drive is Greece's first after its eurozone partners offered on Sunday to lend Athens 30 billion euros (41 billion dollars) this year at a preferential rate below market quotes in order to calm fears of a default. Greek Prime Minister George Papandreou said on Tuesday that the EU fall-back loan, which would also involve the International Monetary Fund, would allow the recession-hit country to focus on overhauling its economy. "Regardless of whether we use this mechanism or not -- and this is something that will be evaluated -- this is a safety net for our country which will allow us to do our work with greater peace of mind," he told a cabinet meeting. He had noted on Monday that a decision to activate the EU-backed loan would take "some time" and would depend on a variety of factors, not just borrowing costs. "We can activate it at any given moment. That is to be evaluated, which cannot happen in a day, it will take some time to evaluate if we need to activate it, and of course this will be linked to various factors," he had said. The prime minister warned ministers on Tuesday to avoid commenting on the economy after conflicting statements from senior officials in recent weeks had added to the confusion surrounding Greece's debt strategy. "I would generally request that we refrain from acting as analysts and commentators, let us leave that to journalists," the PM said. The European bailout pledge has helped defuse the Greek financial crisis and should prevent Greece from becoming a target for market speculators, Austrian central bank chief Ewald Nowotny said on Tuesday. Europe's decision to provide a financial rescue package for debt-stricken Greece, "has clearly defused what is a very difficult situation," Nowotny, who sits on the European Central Bank's decision-making board of governors, told Austrian news agency APA. It would help counter financial market speculation against Greece, Nowotny added. But in London, a research associate at the London School of Economics, Peter Boone, commented that the Greek government's programme was "not nearly enough to calm markets" and was "striking only for its lack of credibility." Greece's total debts were last tallied at about 300 billion euros. Athens has to find around 11.5 billion euros by next month, part of about 54 billion euros needed for all this year to cover debt and budget needs. The gap, or spread, between Greek and German 10-year bonds last week soared to a record high point above 7.5 percent but on Monday declined after details of the EU support mechanism became known. 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