Bailouts Lower Cost of Borrowing to Greece

Greece saw the interest rate it has to pay to get investors to lend it money fall further Tuesday, a day after its European creditors backed the release of the country's next batch of rescue loans.

The Public Debt Management Agency said it raised 1.3 billion euros ($1.7 billion) from the sale of 13-week loans at an interest rate of 4.02 percent — that's the lowest rate since April 2011 and the second lowest in 28 equivalent auctions that started that year.

Late Monday, the finance ministers from the 16 other European Union countries that use the euro approved the release of 7.5 billion euros ($10 billion) in loans to Greece, to be paid out in May and June.

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