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Italy raises euro3 bln in 5-year bonds at higher rates as premier-designate seeks to form govt
ROME (AP) ' Italy easily raised euro3 billion ($4.1 billion) from markets, though at a higher cost, as premier-designate Mario Monti began talks on forming a new government of experts to guide the country through financial crisis.
While the treasury raised the maximum amount sought in a sale of five-year bonds, market sentiment remained cautious. Investors demanded an interest rate of 6.29 percent on Monday, the highest level since 1997, compared with 5.32 percent at a similar auction a month ago.
Italian president Giorgio Napolitano tapped Monti to create a government of politically neutral experts to bring down stubbornly high public debt.
Napolitano emphasized that euro200 billion ($273 billion) in Italian debt comes due through the end of April ' requiring decisive action.