Greece raised €1.3 billion in three-month treasury bills at a slightly lower rate today, as the country awaits the formation of a new government in the wake of elections.

The yield on the bonds - the rate of return earned by investors - was 4.31%, lower than the 4.34% on May 15, the Public Debt Management Agency said.

This is the first sale to take place after the crucial Sunday elections, which did not give a majority to any party but could lead to a three-party coalition government, with talks under way.

The New Democracy conservatives who came in first are negotiating with socialists Pasok as well as leftists Democratic Left for a possible coalition, after the refusal of radical left Syriza, who came second, to participate.

The heavily indebted country which is in the fifth year of recession is under fierce pressure from financial markets and world powers to form a government immediately.

Greeks returned to the polls on Sunday after an initial inconclusive election on May 6, which failed to lead to any sort of coalition government.

New Democracy leader Antonis Samaras has said that the new government hopes to renegotiate certain terms of the EU-IMF bailout package which has caused strong protests in Greece.

Greek voters are angry after two years of austerity measures, a result of two EU-IMF bailout packages, which have included significant pension and salary cuts as well as tax increases.