Italy paid sharply higher borrowing rates in an auction that raised euro567 million ($750 million), as markets continued to pressure the eurozone's third largest economy to come up with reforms urgently. Yields on 12-year bonds skyrocketed to 7.20 percent, a full 2.7 percentage points higher than the last similar auction. While there were enough bids to cover the maximum sought of euro750 million, the high borrowing rates persuaded the Italian Treasury to stick closer to the lower end of its planned issuance range. The results will likely ramp up pressure on Premier Mario Monti, who is expected to announce additional ... (full story)