The second, however, is highly unusual. On behalf of the Treasury there are 105 billion “cash”, ready to use. A mountain of money, amounting to about 5% of the public debt.
Thirteen billion more than the previous month, 67.6 billion collected in just six months. The government, in short, has issued more than Bot and BTP than was necessary to repay the maturing loans and finance the cash requirements of the State (36.7 billion seconds the data of the Bank of Italy), parking on a bank account the money collected on market.
An account in which, on average, the Treasury maintains € 20-25 billion, because this food bank drives up the relationship between debt and GDP. But then why has collected 105 billion more than necessary? “There is a twofold reason,” explain sources of the Treasury.
“The first is that the government wanted to take advantage of the very low rates observed at auctions in the first half of the year.” In short, the “window of opportunity” which has repeatedly talked about the Secretary of the Treasury Pier Carlo Padoan and that may soon close. It is said that in the coming months, the spread does not come back in some measure to widen and then sell the debt on the market might be more expensive.
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14 August 2014 00:45 – Last Updated: 00:47
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