Fitch Confirm Italy BBB Rating With Negative Outlook Unchanged

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    Helmholtz Watson

    Fitch on Friday affirmed taly’s ‘BBB’ rating and…



    Not looking to stable in Italy:

    Di Maio says Salvini has stabbed Italy in the back; will pay the price
    He says no one in 5-Star wants to cut a deal with him to avoid election
    5-Star wants elections but up to Mattarella to decide when

    Helmholtz Watson

    Salvini: Lega party would cut taxes in Italy

    Italian deputy prime minister Matteo Salvini has said a future government led by his party would cut taxes, regardless of whether the EU tried to stop it. The leader of the right-wing Lega party is pushing for a snap election after the relationship between his party and its coalition partner Five Star broke down.

    He posted on Facebook: “Taxes reduced to 15% for millions of Italian workers, fiscal peace with Equitalia [the old name for the country’s tax collection agency] for millions of Italians, no increase to VAT and a property tax reduction.”

    The EU wants Italy to take steps to reduce its public debt, which in June reached 132% of its GDP, and has previously opposed tax cuts not matched by reductions in spending.

    According to Reuters, Salvini told a rally on Friday: “If the European Union lets us [cut taxes] so much the better, if not we’ll do it anyway.”

    Although Salvini’s Five Star counterpart and fellow deputy prime minister Luigi Di Maio has also said he favours tax cuts, Salvini filed a motion of no confidence on Friday hoping to bring down the government.

    Source: PF International reporter

    Helmholtz Watson

    Italy’s #Conte has resigned – President Mattarella confirms
    – Consultations on government to begin tomorrow afternoon


    Italian Prime Minister Giuseppe Conte mandate to form new Italian government

    Bloomberg is citing a senior offical

    Conte and the 5-Star Movement been able to pull together a coalition with the PD.

    5-Star leaders insisted on Conte’s return but that may mean party leader Di Maio is downgraded so the party can’t hold the two top spots. The week ahead may still be bumpy as they try to form a coalition and cabinet but the outlook has certainly improved.

    Italian 10-year yields are down 9 bps today compared to about 2bps for the rest of Europe. BTPs are now paying just 1.045% after falling below 1.00% for the first time earlier today.


    Italy draft budget is not in line with EU policy requirements

    EU comments on Italy, market also likely to focus on France’s 2020 budget plan also called into question as the commission is demanding for clarification on thei budget seems to be in breach of the rules.

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