Italy raises money at lower rates despite upheaval

Italy shrugged off on uncertainty about its political and financial future Wednesday when it easily sold 6.5 billion ($8.45 billion) in 12-month bonds at lower interest rates, AP reported. The Italian Treasury reported that the interest rate on the bonds was 1.46 percent, down from the 1.76 percent paid in the last such offer in November. Demand was nearly double the amount on offer. Italy's political foundations have been shaken after Premier Mario Monti's decided over the weekend to resign a few months earlier than his term's end after Silvio Berlusconi's party yanked its support. The decision will likely force elections to be held in February, about two months ahead of schedule. Monti, an economist, was brought in by Italy's president to replace Berlusconi last year after investors lost faith in the country's efforts to get a control of its finances, sparking fears of a Greek-style sovereign debt crisis.