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Cost of Italy's short-term debt surges by 40pc in month

ITALY'S short-term borrowing costs have surged 40pc in just one month, a bond auction yesterday showed, despite massive interventions from the European Central Bank (ECB).

The Italian government sold €7.5bn of one-year government debt at an average yield of 4.153pc yesterday, up from 2.959pc when similar debt was sold on August 10.

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