For Treasury Minister Fabrizio Saccomanni, the recession is behind us. "I think so. I think the economy will recover we are at a turning point in the cycle”, he replied to Sky Tg24 when asked if the recession is over. Moreover. A GDP of -2% in 2013 is to be considered pessimistic. "I believe that the figure was affected by the political stagnation that characterized the economy until May, but at that point there was the effect of the recovery measures", said the minister who specified that for "the effects on employment we'll still have to wait." Saccomanni then confirmed that the government is working to present the overall reform of the Imu by August 31, trying to widen the perimeter for an overall solution.
MANEUVER AT THE END OF THE YEAR? NOT IF FOURTH QUARTER WITH POSITIVE SIGN
Saccomanni speaks on the day in which Istat certified the eighth consecutive quarter of GDP contraction which in the second quarter of 2013 decreased by 0,2% on the previous quarter and by 2% on the second quarter of 2012. important today is that economists estimated a drop of 0,4, instead the result was -0,2% - commented Saccomanni who, on a possible maneuver at the end of the year, underlined that if "we manage to have a positive sign in the fourth quarter we will make it easier to manage the economy and public finances. Economists are notorious for not fully grasping the strengths of the cycle."
YOU NEED TO MAKE PRIORITY CHOICES
On the other hand, the economy minister is clear: there is no money. “We have said several times that we do not want to further increase the state debt and we do not want to raise taxes – he added – we must accept the political weight of making priority choices.
PAYMENTS TO THE PA, POSSIBLE ANOTHER 10 BILLION BY THE END OF THE YEAR
On the front of the payment of public administration debts, the minister estimates that he will be able to field a further 10 billion euros by the end of the year, for a total of 30 billion this year, and 20 at the beginning of next year. "Then things could even get better - he says - but I think this is an achievable figure". The minister recalls that "17 billion have already been disbursed to public bodies, of which 5 have already been disbursed materially to businesses and reiterates that he is committed to do this close monitoring”. While the exact amount of the debts of the PA, on which a precise census is underway, could in the end be less than the 90 billion estimated by Bankityalia, which however also include credits not yet due.
ACCELERATE WITH DISPOSAL, PRUDENCE ON STATE COMPANIES
In terms of disposals, the hope is to accelerate initiatives by the end of the year, even if "I don't think the objective of 15 billion is possible in this short period of time". Greater prudence, however, is needed in selling shares in companies such as Eni, Enel, Finmeccanica. It is a possibility to be evaluated "very carefully, because they give dividends: you have to pay attention to the costs and revenues of this operation". On the possibility of using them instead as a guarantee, the minister is more skeptical: "It will not be easy to reduce the debt-GDP impact only with a correct expenditure and revenue policy, it will be necessary to make the most of the assets".
BANKS, THERE ARE NO SINGLE CASES OF LOSSES AS IN SPAIN
And while the MPS case and the clash with Brussels over the restructuring plan are raging, the minister reassures that Italian banks are not in a situation like that of Spain (the bad banks): "there is a problem of low profitability, loans in suffering from the crisis, but no losses on particular banks - he explains - is a situation of uniform diffusion of losses due to the cycle. The recovery will have a positive effect”.
