Italy sold 6.75 billion euros of treasury bills in its first auction since borrowing costs began to rise due to the rising fear regarding contagion from the Greek debt crisis.

The Treasury in Rome said it met the target and sold one-year bills at an average yield of 3.67%, compared to the average yield of 2.14% in the similar auction on June 10.

The sale came as the European finance chiefs meet in Brussels today in order to discuss the Greek-debt and financing and preventing the spread of the crisis to other countries within the zone, where all eyes are focused on Italy, Ireland and finally Portugal.