Greece raised 1.25 billion euro ($1.57 billion) of bonds, its first debt auction since taking international bailout loans.

The sale of 26-week treasury bills was oversubscribed 3.64 times, the Associated Press reported. The yield on the bonds was 4.65%.

Greece narrowly avoided default on May after it received the first installment of a 110 billion euro rescue package from European governments and the International Monetary Fund.

The country is now imposing harsh austerity measures to get its public finances in check. On Monday, the finance ministry said the budget deficit was slashed 46% in the first half of 2010.

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