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Italy sees borrowing costs drop on sale of nearly euro6 billion in bonds
MILAN (AP) ' Italy saw its borrowing costs drop as it raised nearly euro6 billion ($7.8 billion) in bonds Tuesday.
In a sign that market pressure is continuing to ease on Italian debt, the country paid rates of 3.41 percent on euro4 billion in three-year bonds, down from 4.8 percent a month earlier. The sale was 1.4 times oversubscribed.
The country has seen its borrowing costs ease in recent weeks, after yields on benchmark 10-year bonds were pushed to the perilous 7 percent level last year. The Italian government has been trying to regain investor confidence by cutting public spending and reforming a sluggish economy.
Italy also sold euro1.9 billion in bonds maturing in November 2015 and February 2017, well within the range offered.