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Italy easily raises $10BN as borrowing costs drop

Published on July 27, 2012; Published on July 27, 2012

Topics :: Italian Treasury , European Central Bank , Italy , London

MILAN - Italian borrowing costs for six-month paper have dropped as pressure on the Eurozone's third-largest economy eases.

The Italian Treasury says it paid an interest rate of 2.54 per cent Friday in an auction that raised the maximum €8.5 billion ($10.42 billion) sought. That's down from 2.957 per cent last month. The sale was oversubscribed 1.6 times.

Investor worries over the debt crisis in the 17-country eurozone have eased after European Central Bank chief Mario Draghi told business leaders in London yesterday that he was "ready to do whatever it takes to preserve the single currency" and hinted that bank would be allowed to act on high borrowing costs.

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