Greece pays off creditors using EU rescue cash

Cash-strapped Greece managed to pay off its creditors today – warding off bankruptcy in the nick of time – by using billions of euros from the EU-led rescue package aimed at containing the debt crisis.

Finance ministry sources said the government redeemed €8.5bn in expiring 10-year state bonds, which it was unable to raise without outside assistance as wary investors have sent Greek borrowing costs sky-high.