ROME — A week into his new job, Premier Mario Monti is running out of time to reassure nervous investors that his government has a strategy to deal with Italy’s crippling debts.
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The nation’s borrowing rates skyrocketed Friday after a grim set of bond auctions, with a new auction looming Tuesday. Another borrowing debacle could ratchet up fears that Italy has entered a debt spiral driving it toward bankruptcy and the 17-nation eurozone into its most acute crisis yet.
Monti’s government of so-called “technocrats” is battling to convince investors that it has a successful strategy to reduce the country’s €1.9 trillion ($2.6 trillion) debt. But Friday’s dismal bond auction results for the eurozone’s third largest economy temporarily battered Europe’s stock markets.
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