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An iron hand
At the end of a tense day in the majority, the Moody agency cuts the rating of Italy to Baa3 from Baa2 with a stable outlook
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At the end of a tense day in the majority, the Moody agency cuts Italy's rating to Baa3 of Baa2 with a stable outlook. Moody's saying in a statement. In this way, the even more negative scenario of a negative outlook is avoided, which would have been a prelude to further downgrades ending in the category of securities deemed to be the most reliable.
The decision is linked to a "concrete change in the fiscal strategy, with a much larger deficit" than expected.
The agency stresses "the lack of a coherent agenda for growth reforms", which implies "the continuation of" a "low growth in the medium term". Government projects are not a "coherent program" that can promote "poor growth performance on a sustainable basis". The rating agency therefore explained that it had downgraded Italy, fearing that there was one.
stabilization, not a debt reduction.
And then: the odds of Italy's exit from the euro are currently "very low", but could increase "if tensions between the Italian government and the European authorities" on the maneuver and commitments on budget constraints "" should undergo further escalation ".
According to the rating agency, Italy still has significant credit badets that offset the weakening of the fiscal outlook. These badets include a very broad and diversified economy, a strong position abroad with current account surpluses and an almost balanced position of international investment. Italian families also have a high level of wealth and protection against future shocks, as well as being a potential source of funding for the government.
The first political reaction comes from Mariastella Gelmini, President of Forza Italia in the Chamber of Deputies: "Moody's removes from Baa2 Italy's rating in favor of Baa.3 The budget law has been charged. can not drag Italy into the abyss, it can not play with the savings and lives of Italians, and that's enough, "he wrote on Twitter.
Tensions in the majority
Duel hard, strictly with Facebook direct hits. Salvini and Di Maio fuel the conflict without filters, with one fixed point: the government will last five years. Although, to be honest, listening to the words spoken by the two heads of yellow-green government, one would not say. The charges are launched without being shot. The apple of discord is always the maxi-condono appeared as if by magic in the decree of fiscal law.
Matteo Salvini improvises a show on the social network of Lake Toblino, stating that "I'm not fooling, I'm not going to miss out on me." I do not care about amnesty. The League was created to give work and reduce taxes, not to condone. If someone was distracted, do not blame others. The decree we wrote together, "he attacks.
Botta, it was said. And answer … The political leader of the Five Star Movement does not let him escape and, from his studio in Palazzo Chigi, slams his fists on the table: "I'm not going to be a liar or even be distracted . " During the executive meeting, says the owner of the Mise, "there has never been any question of criminal amnesty and foreign funds, and if that were the case, Salvini l & # 39; 39 would have noticed ".
Simple skirmishes or the beginning of a crisis? Between the two, who do not spare their "statements of esteem", the sticking point remains the tax law decree, but not only. The League has indeed started tam tam on all these measures from which emerge clear divergences: abolish the amnesty on the buildings of Ischia (heavily sponsored by Di Maio himself), block the Increase of the RC car that would weigh in the north and finally, the security dl and immigration, to which pentastellati have submitted 81 amendments "as if they were in the opposition" , complains of the Northern League. "The guys are not doing this among the government's allies, if there is something wrong," he warned, "I hope that the night will bring us advice, I will respect the agreements and go ahead, but if you present 81 amendments, the long tirade on legitimate defense and a minister wakes up on the autonomy ".
Il Carroccio is ready to present an amendment to the dl Genova. This is the price to pay to cancel the sentence highlighted by Di Maio during the broadcast of Bruno Vespa. The politician of the M5S responds in turn: "It's not my fault that Salvini and I have not yet been able to compare us on the amendments to the security dl and the issues to solve." Then he writes: "It is legitimate to be in the election campaign in Trentino, for the sake of heaven, but you can not complain directly to Facebook, be patient.The confrontation is however postponed to Saturday morning, when you leave the web and enter the Palazzo Chigi.
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