Greece raises over $5 billion ahead of repayment

Parthenon in Athens, Greece
Louisa Gouliamaki/AFP/Getty Images

ATHENS, Greece Greece has raised euro4.06 billion ($5.15 billion) via the sale of short-term treasury bills, money that will help it make a crucial debt repayment Friday.

Without the money raised Tuesday, Greece would be staring at bankruptcy as the country's international creditors have yet to sign off on the release of more bailout cash. Greece has to pay back euro5 billion worth of bills that mature on Friday.

Despite concerns over Greece's long-term economic outlook, the country's euro partners and the International Monetary Fund are expected to agree on the release of the next tranche of the bailout, worth euro31.5 billion, over the next week.

Greece raised euro2.76 billion from 4-week bills, at an interest rate of 3.95 percent, and euro1.3 billion of 13-week bills at 4.2 percent.