Morning of passion in Piazza Affari. Shortly after opening the Ftse Eb it came to lose more than 2%, only to then retrace slightly mid-morning (-1,59%). Above all, bank stocks weigh on the main index, which travel at the bottom of the list with heavy declines: Where's Banca -3,68% Bpm bank -2,93% Intesa Sanpaolo -3,47% Unicredit -3,16%.
In the same minutes, it BTP-Bund spread it is up to 244 basis points, against 230 at yesterday's close. The interest rate on Italian government bonds with a ten-year maturity it stands at 2,95%, while yesterday it was at 2,83%.
The high tension on Italy's stock and bond markets can be explained by the political uncertainty associated with the Economic and financial document (Def), the accounting framework for the next budget maneuver that the Government should approve today in the Council of Ministers (but a postponement is not excluded).
In particular, to worry investors is the fight between the pentastellato vice premier Luigi Di Maio, who would like to push the 2019 GDP deficit well beyond 2% to have the resources necessary to finance the basic income, and the Treasury Minister, Giovanni Tria, who is resisting in the name of the stability of accounts.
Not very relaxing comments also come from the League: “If Tria is no longer in the project, we will find another economy minister”, said this morning Riccardo Molinari, group leader of the Carroccio in the Chamber, speaking in Agorà, on Rai3.
After that, speaking from Brussels, Di Maio he specified that "there is no plan to resign” for Tria. “Today we will meet in an enlarged majority summit, we, the League, the Minister of Economy, Conte and the technicians: we will make the last assessments in view of the Council of Ministers. Here we don't hang on one number or another: the deadline for the Def is today, so as far as I'm concerned the CDM is today, I have no news of a postponement. If there are differences of opinion, they need to be ironed out. it's pointless to get by: either things get done or it's not worth it".
According to the political leader of the 5 Star Movement, today "is a very important day. We want to make a maneuver of the people not that favors the powerful: to fight against the potentates who have been eating on the skin of Italians for years. The overcoming of the Fornero law must be perceptible, the pension and the basic income must be a real pension and a real basic income. What we don't want to do is write untrue things in the Def, unlike in the past, when a goal was set and then in the end the deficit was higher".
Precisely on the issue of deficit, "we'll have the opportunity to talk – continues Di Maio – I'm not worried about the EU, if France has to do it, we'll do it too". In Europe “we are all agreeing on the fact that the austerity policy is over” and it is time for “expansive measures. Of course, there will always be a discussion with the technicians. When there is such a radical change at the political level, with an unprecedented government like ours, part of the apparatus works against it”.
