“Are in progress in these days contact with the Commission to evaluate all reasonable steps to prevent the opening of an infringement procedure and, at the same time avoid the risk that more restrictive measures on the budget compromise, the growth restarted in the national economy in 2014 but still weak.” Detect the sources of the Ministry of Economy and Finance, regarding the news published by ‘the Republic’ an “ultimatum the Eu, the united states,” which would ask for a correction of the public accounts with a maneuver from 3.4 billion to avoid an infringement procedure on the deficit. The same sources of the Mef are to detect how to “, however, has not yet rece ived any letter” from Brussels.
Gentiloni: meets with the minister Padoan at Palazzo Chigi
The chairman of the Board Paolo Gentiloni met in the meantime, this morning the minister of the Economy Pier Carlo Padoan. The meeting, as we know, took place at Palazzo Chigi.
Letter to the Eu to Italy: “In manoeuvring hole of 0.2% of Gdp”
Sources Mef: in contact with Eu to avoid procedures
the sources of The Mef, referred to above, also recall that the Eurogroup of 5 December last, has invited Italy to take useful steps to ensure that the budget in 2017 is in conformity with the rules of the stability and growth Pact”. Steps crucial to prevent the opening of an infringement procedure because of the high level of public debt”. The Italian Government, continue to sources, has already mentioned that the path of reduction of the debt/Gdp ratio, stabilizzatosi relative to the trend of the last 8 years, it does not record yet, “an adequate propensity to contraction” as a result of two factors “outside the control of the Government.”
Istat confirmation: the Italy closes the 2016 deflation
One is the trend in prices negative “impact on the trend of nominal gross domestic product”, and just today the mayor has confirmed that on average, in the year 2016, the consumer prices have registered a negative change (by 0.1%) as had not happened since 1959. The other factor is represented by the “adverse conditions in financial markets, which have made possible the sale of goods the property of the State to appropriate conditions”, since “it is the intention of the Government to avoid selling off assets of the state”.
Letter to the Eu-Italy: commitments on bank accounts no later than February 1,
The Eu Commission will send a letter today to the Italy in which he asks the Government to take on specific commitments for correction of accounts by the first of February, the date of the publication of new economic forecasts. According to what is learned – and as anticipated by the Republic – the ‘gap’ to be filled to comply with the agreements on the reduction of the structural deficit is equal to 0.2% of Gdp, and is thus already a ‘discount’ compared to the difference of 0.3% highlighted in November in the opinion on the law of stability.
Accounts, reforms, growth: the match 2017 among new uncertainties and path stability
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Brunette: Eu calls you to account, will Iva and debt
Immediate position controversy of the parent Fi in the Room, Renato Brunetta, who, in commenting on the request for correction of the public accounts coming from Brussels, has attacked: “As expected, Europe is confronted in his pocket and says: ‘Pay’. Three, four billion of correction to be done immediately, within the first day of February. We told them that the accounts of Renzi-Padoan did not return, and now the accounts are coming. It will increase the Vat, increase the deficit, increase the debt. This is the legacy of the Renzi-Padoan”.
public Debt under observation
The negotiation is in progress, and the scenarios are essentially two: if you prevail a line primarily of accounting, it will be confirmed the risk of "significant deviation" from the target european, with consequent invitation to cope with it. If you established an approach that is more "political" (in the light of the measures pro-growth, envisaged in the maneuver), you can get the go-ahead, even if accompanied by the ritual of recommendations on the front of the debt.
The weight of high debt on the downgrading of Italy
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Risk referral to path return
The main risk for the Italian economy continues to be thus represented by the high public debt. In downgrading the rating from "low" to "Bbb-high", the agency of canada Dbrs has placed in the light, next to the fragility of the current policy framework what is the effect and consequence of the result of the referendum on 4 December, the combined use of a growth that remains weak and a debt that continues to limit the "flexibility" of fiscal policy. The start of the path of return, which had been planned by the government Renzi in April of last year for 2016, is now delayed to 2017. But following the decision taken by the present government to use additional margin for public debt up to a maximum of 20 billion to secure the credit system, the debt could exceed the 133% of Gdp, instead of being reduced to 132,6%. The consequence would be the postponement until 2018 of the pending reversal of the trend.
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