The Italian Treasury sold today, 28 December, a substantial amount of six month government bills of a total value of €9 billion, for an impressively lower interest rate at 3.25%, instead of 6.5% during a similar auction of state debt paper on 25 November. There is no doubt that this development stands as a witness for a drastically better market appraisal of Italy's prospects, in reducing its budget deficit and state debt.

The Italian Treasury also sold today two year zero coupon...

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