Greece Saga Thwarts German Five-Year Debt Sale
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Germany’s sale of five-year sovereign debt couldn’t have come at a worse time.
Just as the nation auctioned notes due in October 2020, news broke that Greece’s government was prepared to accept proposals from its creditors to release more funding. German bond yields climbed in the secondary market and the nation failed to get enough bids to cover its 5 billion-euro ($5.6 billion) sales goal at the sale. Germany allotted 3.21 billion euros of the securities.