Italy’s Likely Rejection of the ESM Reform Would Leave Bank Contagion Risk Unaddressed in Euro Bloc – Italian Opposition Sources
–Italy Is Lone Holdout Opposing New Rules to Manage Bank Crisis By Silvia Marchetti ROME (MaceNews) – Italy’s likely rejection of the European Stability Mechanism reform plan, with its common backstop credit line for failing banks, leaves the Eurozone at risk of financial meltdown if a big bank falters, warned Italian opposition sources. The ruling […]
Italy’s PM Eyes Stronger US-Style Presidential System but Road Uphill
—Complex approval process ahead, potential referendum risky for Meloni By Silvia Marchetti ROME (MaceNews) – Italy’s rightist prime minister Giorgia Meloni wants to pass a key constitutional reform to boost powers of the head of government with the possibility of introducing a US-style direct election of the country’s leader, according to ruling coalition sources. It […]
Italy Risks Losing Up To €44 Billion in EU Pandemic Aid, Unable to Use Funds
-Bureaucracy, delays, technical issues are main cause -PM Meloni wants to re-negotiate new targets with Brussels By Silvia Marchetti ROME (MaceNews) – Italy’s rightist government risks losing some EUR 44 billion of European direct pandemic aid, and potentially even more, as it struggles to use all the money within set targets and timelines. Both opposition […]
Italy Aims to Boost Share of Debt Held by Domestic Retail Investors, Keeps Dollar Debt Issuance on Hold, Government Sources Say
By Silvia Marchetti ROME (MaceNews) – Italy’s nationalist government plans to increase the share of public debt held by domestic retail investors as it looks to offset fading European Central Bank purchases and as dollar-denominated debt issuance remains on hold, according to ruling coalition sources. “The goal is to nationalize as much as possible our […]
Italy Faces Showdown on ESM Reform; Financial Stability Risks Ahead
– Market volatility set to rise, ruling parties at odds – EZ banking union progress could come to a halt By Silvia Marchetti ROME (MaceNews) – The rising prospect that Italy will reject proposed reform of the European Stability Mechanism could raise new doubts about European integration and the stability of the ruling center-right coalition. Sources from […]
Italy Keeps New USD-denominated Bond Issuance on Hold for 2023 — For Now
– Current Market Conditions Unfavorable, Coalition Sources Say By Silvia Marchetti ROME (MaceNews) – Italy is holding off for now on new issuance of US dollar-denominated bonds as it sees market conditions, especially the euro’s weakness, as unfavorable, according to ruling coalition government sources. In a shift from past practice, with the government laying out […]
<strong>Italy’s EUR35 Billion Budget Law to Be Almost Totally Deficit-Funded; More Funding Likely Needed in Q2</strong> –<strong> Sources</strong>
–Flat tax for VAT-holders raised to EUR 85,000 income –Measures to cushion impact of energy costs are the biggest share of spending –‘Citizenship wage’ for jobless slashed; retirement age cut By Silvia Marchetti ROME (MaceNews) – Italy’s government budget plan for 2023 is set to total EUR 35 billion, including pro-growth measures and subsidies to […]
Italy’s Rightist Government Aims to Soften EU Fiscal Rules, Sees ‘Reinforced Supervision’ Unacceptable – Sources
By Silvia Marchetti ROME (MaceNews) – Italy’s newly appointed rightist government will seek to negotiate softer fiscal rules at the European level to take into account ‘country-specifics’ for more lenient and longer adjustment paths, according to ruling coalition sources. Officials are worried that the new rules concerning the reform of the Stability and Growth pact […]
Italy’s Lower Growth Forecasts Limit New Government’s Spending Leeway
Analysis: Choice of Italy’s Next Finance Minister Key for Incoming Government’s Credibility, ‘Fight’ Against ECB Rate Hikes Ahead
–ECB’s Panetta a possible candidate By Silvia Marchetti ROME (MaceNews) – The choice of who will be Italy’s next economy and finance minister will be key in determining the winning center-right coalition’s credibility on world markets, and its power in campaigning against more European Central Bank rate hikes. The center-right alliance, which includes the far-right […]