The financial markets have been concerned for weeks about the economic and budgetary policy of the new government Italy, leading to an increase in the interest rates of the Italian state and tensions within the executive power itself.
Since the new government, formed by the League (far right) and the 5 Star Movement (M5E, anti-system), comes to power in June, it sends contradictory signals.
The leaders of the two formations, Matteo Salvini and Luigi Di Maio, both deputy prime ministers, want to execute their precious election promises: the first proposes the "flat tax", a tax of 15% or 20% according to the level of income; and the second calls for a "citizenship income" of 780 euros, a guaranteed basic salary to promote the contribution of the poorest people.
The two agree in their criticism of European budgetary constraints.
So Di Maio has not ruled out Tuesday that the government will be released from the European rule that limits the government deficit to 3% of GDP.
But the finance minister, moderate Giovanni Tria, said that Italy does not intend to cross this threshold.
Tria continuously seeks to ensure financial markets and underlines its desire to reduce the colossal Italian sovereign debt (132% of GDP) and stay in the euro zone.
Despite his efforts, the newspaper Il Corrière della Sera emphasizes that "the deficit fears the verdict of [la agencia de calificación] Moody & # 39; s ", scheduled for late October, after the Fitch Bureau verdict.
This agency maintained the Italian debt note in & # 39; BBB & # 39; but reduced the perspective of & # 39; stable & # 39; to & # 39; negative & # 39 ;.
"After the formation of a coalition government, Fitch anticipates a certain fiscal easing that would expose the already very high level of Italian debt to possible shocks," he said to justify his decision.
"Soon we will not have the problem of convincing", because the announced measures will "positively correct the recently expressed concern", Tria observed this Saturday from Shanghai.
When Italy issued debt of € 6 billion on Thursday, the percentage of bonds with a maturity of five years reached 2.44%, the highest level since the end of 2013; and 3.25% for those of 10 years, which exceeds the 3% threshold for the first time since May 2014.
The more the tariffs rise, the more the State requires the repayment of its debt, thus reducing the margins of financial maneuvers.
"Investors are becoming more nervous," says analyst Shweta Singh of the TS Lombard Cabinet and calls for a "vicious circle" that could affect Italian banks.
"Do you want to go Italy on the road to confrontation with Europe or will it be more realistic? ", asks La Stampa, who believes that" common sense tends to the second hypothesis. "" The European elections are forthcoming and neither the League nor the M5E are interested in appearing the voters with a "spread & # 39; [la diferencia entre los tipos de interés alemanes e italianos] out of hand. "
According to the newspaper, Tria aims for a minimum deficit of around 1.5% of GDP by 2019, "about 10,000 million more in expenses than agreed."
Barclays analysts bet with 1.7% that, although it is smaller than feared, represents an "unstable" way, according to them, to reduce debt.