``Italy auctioned €7.49bn of three and ten year bonds this morning. It had hoped to sell between €5bn and €8bn. Yields on three-year bonds rose to 7.89pc, up 2.96pc on last month. The results place further pressure on Mario Monti, the technocrat prime minister, to drive through austerity measures. It was the third time in a week that Italy had to pay more than 7pc to auction debt. ''

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