Despite big purchase of Italian debt by ECB last month, Italy's interest rates soar

Confidence falls in EU:

Italy's borrowing costs have jumped sharply higher in a debt sale.
The Treasury Ministry says the average interest rate for a 12-month bond in Monday's auction rose to 4.153 percent from 2.959 percent in last month's offer. . . .
Italian yields had eased considerably last month, thanks to the European Central Bank's purchase of Italian and Spanish bonds on the open market. Cremonesi says in a statement that "risk aversion is still driving the markets." The spread on 10-year Italian bonds compared with German ones reached 378 points in late morning.



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