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Italy pays the price in bond auction

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Italy pays the price in bond auction

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The cost of Italy’s borrowing has gone up to a record level since the euro zone deal.

At the first auction of ten year bonds since the agreement the country had to offer a rate of return never seen since joining the single currency.

The Treasury raised just under eight billion euros in the sale, but had to promise a return of more than 6 per cent – as opposed to 5.86 per cent a month ago.