Italy was offered aid from the European Financial Stability Facility (EFSF) during the G20 summit at Cannes last week but Prime Minister Silvio Berlusconi refused it, German Finance Minister Wolfgang Schaeuble told a budget committee meeting on Wednesday, according to three participants.

Schaeuble said that Berlusconi was offered the chance to go under an EFSF programme in Cannes, but he said no, one of the meeting participants told Reuters.

The budget committee was holding a closed-door session to discuss the latest euro zone debt crisis developments and the EFSF. Italian bond yields on Wednesday shot up to 7.502 percent, a new high since the euro was introduced in 1999.