Italy’s borrowing rates skyrocket, Monti scrambles (AP)

By admin on November 25th, 2011

European Commissioner for the Economy Olli Rehn, left, is greeted by Italian Premier Mario Monti as they meet at Chigi's Premier palace in Rome, Friday, Nov. 25, 2011. Italy had to pay sharply higher borrowing rates to entice investors to part with their cash during a couple of auctions Friday, in an acute sign that Europe's crippling debt crisis is laying siege to the eurozone's third-largest economy. The auction results are another sign that the country's new technocratic government, faces a big battle to convince that it has a strategy to get a grip on the country's massive debts. (AP Photo/Andrew Medichini)AP – Italy’s borrowing rates skyrocketed during bond auctions Friday, temporarily battering stock markets in Europe as the continent’s escalating debt crisis laid siege to the eurozone’s third-largest economy.


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