Italy raised 5bn euros from a new issue of bonds on Thursday, but had to pay an interest rate of 6.087% to borrow the money for one year.

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Until now, Germany had been a key opponent to the creation of a large eurobond market allowing European Union member states to refinance their debt themselves directly via the issue of bonds guaranteed by the EU, or at least by the eurozone itself.

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The watchdog is said to believe the executive pair were party to "privileged information" surrounding the issue of the bonds.

BBC: NEWS | Business | Watchdog probes Vivendi bond sale