By the end of 2013 the Italian Treasury will have to refinance a share of public debt exceeding 122 billion euros. For this reason "a possible crisis of the majority and a fall of the government could have dangerous repercussions on spreads and interest rates". The alarm comes from the research center of Unimpresa, which today released an analysis based on data from the Bank of Italy.
The report shows that 74,5 billion will come to maturity in the next four months Boots, 37,8 billion BTP and 10,6 billion ctz. However, there are no Cct deadlines. As for the individual month agenda, 30,3 billion bonds will expire in September, 18,4 in October, 34,4 in November and 39,6 in December.
Unimpresa specifies that a small part of the refinancing on the agenda has already been covered by the Treasury, which in recent months has increased the issues of securities by exploiting a favorable trend in interest rates. In any case, the amount of debt to be refinanced is still high, for this reason any speculative wave triggered by the political crisis would have particularly harmful effects on public finances.
“We ask Parliament and the Government, and therefore all the parties, for a sense of responsibility – said the president of Unimpresa, Paolo Longobardi -. Political stability is decisive on the financial markets and a possible crisis of the majority, now, would run the risk of squandering the positive results achieved so far precisely on the cost of emissions: hopes of economic recovery would be compromised”.
This week it is already decisive for the refinancing of the Italian debt. Tomorrow the Treasury will offer 3-year Ctz up to 5 billion and 15-year and 8,5-year Btpi for two billion. On Wednesday it will be the turn of the six-month BOTs (5 billion), before the key offer: BTPs at 10 and 5,5 billion for a total amount that should be around 19 billion. In all it makes XNUMX billion.
