Debt down in September 2011 for the second consecutive month. This was announced by the Bank of Italy. A very moderate nominal decrease of 15,8 billion, which brings the total value of the deficit to 1883,7 billion. The nominal decrease reflects the decumulation of Treasury assets at the Bank of Italy (-29%) offset by the requirement recorded in this month.
As regards tax revenues, the Bank of Italy recorded a 1,6% increase in the first nine months of the year, reaching 281,893 billion. The state borrowing requirement has not undergone substantial changes in the last year, decreasing by 5,2 billion, if we exclude Italy's share of the loans disbursed by the EFSF.
The borrowing requirement is less burdensome by virtue of tax increases (VAT and excise duties), offset by growth in interest expenditure. Administrative requirements amounted to 63,7 billion, a very slight decrease compared to that recorded in September 2010.
