[ad_1]
A shocking proposal from the Undersecretary of the Economy and Finance Siri who calls Italian families to buy the public debt in foreign hands in the illusion of reducing the spread by reviving the sad precedent of Fascist Era of Gold Homeland – After the unfortunate consolidation of the public debt of twenty years will come?
At first only the proposal of a neophyte of the political economy appeared, excited by his first appearance on television and not to be taken too seriously; then Armando Siri was appointed Undersecretary of the Ministry of Economy and Finance and therefore special attention should be paid to him. As undersecretary, Armando Siri is approved on the pages of the most famous national newspaper: on page 7 of the Corriere della Sera from 1 July 2018, with the proposal "Bot and BTP only to Italian families to stop the spread". Proposal which, at first glance, reminds those who have minimal knowledge of the history of Italy the famous and tragic "Oro alla Patria" in the "Giornata della faith "(nuptial) took place in 1935 of fascist twenty years, In fact supports the undersecretary, whose words must therefore be considered with seriousness and authority, that Italian families should redeem all public debts about 780 billion euros) held today in the hands of foreign investors; also this time badumed in the sovereign vulgate as treacherous speculators who increase the spread.
To achieve the result of such a proposal, the economic and financial logic would mean that, since the expropriation of securities held by foreigners is not yet permitted, families and [] 19659004] Italian financial intermediaries launch an equivalent public tender offer (789 billion euros) targeting all foreign holders of Italian public debt securities; in the hope that the "foreigners" do not ask to join the offer at a higher price than the market, given the urgency of the Italian state to restructure in a sovereignist key his debt
But the story badumed by the under-secretary can not end as well: even if it's risky, it would be too simple. Indeed, all public securities today and tomorrow held by Italians will sooner or later fall into different portfolios, leaving each investor the option of abandonment and renewal. But the under-secretary confides in the love of the motherland, so that at the end all the patriots renew themselves, in order to reduce the dispersion: otherwise all the operation will fail.
It should be added that, in accordance with the (regrettable but necessary) accounting requirements, the complex patriotic restructuring of the public debt also entails the renaming (and the corresponding international code) of the securities. Here it is proposed to simplify, that the new state bonds are identified with the following acronyms: BOT-FSS and BTP-FSS (BOT and BTP bought and held by leap of faith in the sovereign state) , whose auctions recall with similarities to the days of "Oro alla Patria".
The success of these days logically follows that all the public debt pbaded and that of the new issue will be in the hands of the Italians (which implies, so as not to fall back in the past, the closing of the borders to foreign capital They wanted to buy Italian state bonds, and the next move, inevitably and systematically with the "Siri approach" to reduce the spread, would be a child's game for the Sovereign State: the consolidation of the Italian public debt: once called "Loan Littorio", consolidated in the 1920s of the fascist era.
Source link
