Italy's borrowing costs surge over contagion fears

Italy's borrowing costs have risen to their highest level since December over fears of contagion from the Spanish financial crisis. It sold 6.5 billion worth of one year debt at 3.97 percent, up from 2.34 percent a month ago. Investors will be watching closely how 3 year bonds sell on Thursday. Italy is struggling to convince markets that it will not be the next eurozone country to need a bailout.
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