Italy had to pay higher borrowing rates in its last bond auction of the year Wednesday. The third-largest economy among the 17 nations the use the euro paid 6.47 percent interest to borrow 3 billion euros ($3.95 billion) for five years â¿¿ up 0.17 percentage point from last comparable auction â¿¿ and the highest rate since the euro came into existence in 1999.The higher rates make it more expensive for Italy to borrow money and reflect rising doubts that the country will be able to repay its debts.
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