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Greece raises 1.3 billion euros in T-bill sale

Athenians chat outside a bank as they shelter from a rainfall in central Athens, Tuesday, Dec. 18, 2012. Greece is failing to collect the tax it is owed and is in danger of missing key targets that need to be met to reduce the government's staggering debt pile, the European Union warned on Monday. (AP Photo/Petros Giannakouris)

ATHENS, Greece (AP) -- Greece has raised €1.3 billion ($1.71 billion) in a treasury bill auction at slightly lower interest rates compared with the last such sale five weeks ago.

The government's Public Debt Management Agency said the 13-week T-bills were sold Tuesday at an interest rate of 4.11 percent, edging down from the 4.2 percent rate on Nov. 13.

Greece on Monday received a massive rescue loan installment worth €34.3 billion, after completing a bond buy back deal last week, in which it paid €11.29 billion to cancel debt worth €31.9 billion.

The government said Tuesday that deficit cutting efforts remained on target, with the January-November shortfall at €12.9 billion, compared with €21.5 billion for that period in 2011.