Greece sees borrowing rate drop in short-term debt sale

ATHENS, Greece (AP) - Greece's government borrowing rates have continued to drop ahead of an expected bond market test in early February.

The country's Public Debt Management Agency said an auction Tuesday raised 812.5 million euros ($1 billion) from the sale 26-week treasury bills at a rate of 1.13 percent.

The rate was down from 1.65 percent in an auction on Jan. 3. It had been as high as 4.96 percent in June 2011.

Greece maintained regular T-Bill auctions after losing full market access and during three successive international bailouts, but is seeking a return to the full bond market this year as the country's latest bailout program ends in August.

The government is expected to test that return with a seven-year bond issue as early as next week.