Italy raised 12.25 billion euros ($16.44 billion) in an auction of short-term bonds on Monday at lower rates than before, indicating an easing of market tensions for the recession-hit economy. The rate on the six-month bonds was 1.202 percent compared to 1.969 percent in the last similar auction on January 27 and well below the level of more than 6.0 percent reached in November at the height of investor panic over Italy.