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This opens another week of pbadion for Italy, halfway between the response to the maneuver to be sent to the European Commission on Tuesday and market expectations regarding the outcome of the transaction, with the spread that Friday had repositioned around 300 points and new government bonds to be placed between Monday and Tuesday.
If the tension between Rome and Brussels had been a little relaxed this weekend, the backlash of the confrontation was a blow and a reaction at a distance between Matteo Salvini and the President of the European Commission, Jean Claude Juncker. first against the migrants and then on the maneuver. Italy already has a margin of maneuver of 30 billion and must now respect the rules. This is the message of Juncker, answered by the leader of the Northern League: "we are not stubborn" but "work".
Salvini proves arrogant even in the face of the now imminent hypothesis of opening a procedure (EU inspectors?)
"Only Inspector Derrick and Lieutenant Colombo," he explains) and confirms that "the fundamentals" will not be affected.
"the council" but "the diktat" will be returned to the sender. The glowing climate does not help the weaving work that Giuseppe Conte is trying to put in place and that could lead to a meeting, which is not yet on the agenda, with Juncker, the Prime Minister, before going to Palermo for the conference on Libya, was able to review the Minister of Economy, Giovanni Tria, to clarify the details of the (rare) concessions that the executive is ready to in Brussels: on the one hand a downward revision of the GDP taking into account the degraded scenario from September to today, which would be closer to the European estimates (1.2% against 1.5% in Italian ) they allow for an effect of expansion of the maneuver, even if it is less than what the government speculates.
On the other hand, there could be the promise of a clause, perhaps automatic, reduction of expenses in case of overrun. Nothing more, at least for the moment. The government's action at these times is also under the prism of IMF inspectors, Italy for the usual Article IV mission, which will meet Tuesday in Tria, at the end of the deadline for sending the new draft budget plan. in Brussels.
In this glowing context, Piazza Affari has been retreating for weeks. The map of Ftse All Share is in bright red, with a drop of more than 12% since the beginning of the year. Worse still banks FTSE Italia All Share, that banks, which loses 25%. Credit institutions that are more likely than others to suffer from instability because they are overexposed to public debt, with more than 369 billion shares in the portfolio. And tomorrow, the Treasury will return to the market by offering a one-year auction at Bot. Tuesday will be the turn of construction at 3, 7 and 20 years. Both up to 5.5 billion. The latest issues have posted the best rates for 5 years.
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