Scrape the boulder that weighs on the state accounts. This will be the Government's main objective from September to the end of the term, just nine months. It does not appear on the agenda, but in all likelihood tomorrow the Council of Ministers will discuss the issue strategy to attack public debt. Europe is asking for it, the political forces that support the Executive in Parliament demand it. The real problem is finding a way that doesn't compromise the already opaque possibilities of returning to growth. Therefore, nothing financial: it would guarantee new income, but it is judged "depressive". In addition to always being the nightmare of the PDL.
The Grilli plan is on the table for the moment, but it will only be a starting point. There are already various hypotheses of additional measures, advanced by the parties and by individual economists, but to get concrete answers from the Professor's team we will have to wait for next month, when phase two of the spending review will also be launched.
THE GRILLI PLAN
The goal is to collect 15-20 billion a year, just under 1% of GDP. With the divestment decree (converged in the first episode of the spending review), the Government has already put in place three funds to privatize municipal companies, transfer the assets assigned to local entities with state-owned federalism and sell about 350 public buildings. On the real estate front, however, the market conditions create many problems: the liquidity in circulation is so scarce that the auctions risk being deserted, also because the properties to be put up for sale have a decidedly high price.
Another chapter of the plan concerns the sale of the public shareholdings in Fintecna, Sace and Simest to Cassa depositi e prestiti (controlled by the Treasury but not consolidated in the state accounts). The total value of the transactions should be around 10 billion euros.
PUBLIC DEBT AND EUROPEAN RULES
The mountain to climb is very high and continues to grow. In May, after contributions to bailout funds and loans to countries in crisis, our debt reached 1.966 billion (123,4% of GDP) and by the autumn it promises to break through the 2.000 billion wall. The Government intends to implement extraordinary measures to at least reach the psychological threshold of 100%. Not only to reassure investors and reduce the weight of government bonds, but also because the new European rules established with the Fiscal Compact will come into force on 10 January, which require "reducing at a rate of one twentieth a year" public debt exceeding 60% of GDP.
THE PROPOSAL OF THE PDL
Already filed in both the House and the Senate, the pidiellini project aims to cancel 400 billion euros of debt within five years, creating a fund capable of purchasing public assets through the issuance of high-rated bonds. The plan was illustrated yesterday by the secretary Angelino Alfano to the Premier, who expressed his appreciation for the contribution.
ASTRID'S PROPOSAL
Less ambitious is the project curated by 11 economists from the Astrid foundation, including Giuliano Amato and Franco Bassanini, who would like to cut the debt by 180 billion in eight years (2,5% of GDP per year). Of this sum, 72 billion would come from the sale of properties, 30 from the capitalization of concessions, 40 from the sale of equity investments (from Eni to Enel, from Finmeccanica to Poste Italiane) and 15 from the imposition on social security institutions of professional orders to increase investments in long-term government bonds. And again: another 16-17 billion could come from the taxation (one-off of 25%, 20% when fully operational) of clandestine capital in Switzerland (with which, however, it would be necessary to reach an agreement similar to the one already signed by Great Britain and Germany) and 5 by tax incentives and disincentives to lengthen maturities and reduce the average cost of debt.
