``The closely-watched auction saw Italy sell €2.5bn (£2.09bn) of 10-year bonds at an average rate of 6.98pc, down from euro-era highs of 7.56pc at an auction on November 29, but still at levels regarded as unsustainable. Demand outstripped supply by a ratio of 1.36 to one, compared with 1.34 at the last auction. '' -- This sort of bursts the bubble of the strong sale (in the 3%s) on Wednesday. That was only short-term debt.

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