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Italy's borrowing costs rose Tuesday, reflecting a continued high level of investor anxiety. The yield on the country's ten-year bonds hit 7 percent again, which is considered unsustainable in the long run. Greece, Ireland and Portugal had to seek relief from their lenders after their own borrowing costs rose that high. Italy is the euro zone's third-largest economy and is considered too big to get bailed out by its neighbors. Mario Monti, the country's new premier, got parliamentary approval last week for a big austerity package that is intended to save the country from financial disaster. Markets have grown increasingly fearful over the past few months that Italy will find it difficult to pay off its massive debts, which stand at around $2.5 trillion. In other corporate news: Computer Sciences Corp. fell 9 percent after warning that it will write down the value of an investment by about $1.5 billion. U.S. oil and gas explorer Endeavour International Corp. rose 24 percent after the company announced an agreement to buy ConocoPhillips' interest in three U.K. oil fields in the Central North Sea for $330 million. International Game Technology shares gained 5 percent following news that some states might be closer to permitting online gambling.
[Associated
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