Italy has easily raised Euro 11 billion ($14.46 billion) in a pair of bond auctions that saw its borrowing rates decrease for the second day in a row, according to AP. Demand Friday exceeded analyst expectations in another indication that confidence was returning to Italy's finances thanks to austerity and growth measures imposed by Mario Monti's government. Italy paid an interest rate of 1.96 percent on Euro 8 billion in six-month bonds, compared with 3.25 percent at a similar December auction. The borrowing costs for Euro 3 billion in bonds expiring in December was 2.21 percent. On Thursday, Italy easily raised Euro 5 billion in the first test of market sentiment in the country's handling of its debt since Standard & Poor's cut Italy's credit rating by two notches on Jan. 13.
