Greece narrowly avoids bankruptcy

ATHENS, Greece Greece has raised a further 937.5 million euro ($1.2 billion) from new bids for treasury bills issued this week, bringing the total to just under 5 billion euro -- enough to avoid bankruptcy on Friday, when it has to make a debt repayment.

To afford the repayment, Greece auctioned four-week and 13-week bills on Tuesday and continued to accept bids until Thursday.

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It was essential for the debt-ridden country to raise the 5 billion euro this week as its next bailout rescue loan from other eurozone countries and the International Monetary Fund is not expected until the end of the month.

Without the money raised this week, Greece would have faced bankruptcy on Friday, the day on which treasury bills it issued in August will mature.