These items were to be returned to the descendants if the auctions failed.

Few expect the auctions to fail - but exactly how much both countries have to pay will be closely scrutinised.

An auction of shares in default failed to attract a bidder.

But even at the lower prices, the auction failed to attract a big turnout.

He said the auctions have failed since mid-1990, before which the bonds traded to yield about 8 percent.

An auction fails when there too few buyers to accommodate the amount of stock that holders want to sell.

Three auctions have failed to make a successful match.

But such an offering would be an acknowledgment that the auction failed.

Since February 2008, most such auctions have failed, and the auction market has been largely frozen.

A third auction again failed to generate a final sale.