The bond issue will be a key test following the decision on April 11 by eurozone members to agree a standby aid package for the debt-laden economy.

However, investors remain cautious about the Greek fund raising.

Pacific Investment Management (Pimco), the world's biggest investor in bonds, looks likely to shun the issue.

Mohamed El-Erian, Pimco's chief executive said that the eurozone's rescue package did not address Greece's fundamental crisis.

"Markets have signalled that Greece faces both refinancing, or liquidity challenges, as well as stock of debt, or solvency challenges," Mr El-Erian said.

Greece must raise about Euro11 billions before the end of May to refinance maturing debt and interest charges. Its overall 2010 borrowing need is Euro 53 billions.

Some analysts believe the fund raising will go smoothly, as the sale of the six-month and 12-month treasury bills have short maturities.

However, Greece is soon to raise another US$10 billion via longer-term bills, which will test investors' appetite for locking in their money for a longer period.