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Italy raises 7 billion euros in bond sale

MILAN (AP) -- Italy paid slightly higher interest rates to sell 7 billion euros ($9.3 billion) in 12-month bonds.

The Italian Treasury said Wednesday that it paid 0.96 percent for the bonds, up from a record low of 0.73 percent at the last such auction in May.

Demand was 1.49 times the amount on offer, up from 1.16 percent last month.

The Italian government's borrowing costs have remained stable in recent months despite a high level of public debt thanks largely to European Central Bank policies to stabilize the battered euro, which have assuaged investors.