Markets are already attacking Conte

It really didn’t take. While the government of Giuseppe Conte has not yet disbursed more than half of the aid provided by Cura Italia on 17 March and is still only imagining the 50 billion of a new decree, a serious blow on Italian public debt comes from one of the main rating, Fitch who downgraded us to the “BBB-” rating, which is the latest allowed to a country deemed still able to repay its public debt. The step below would make our BTPs and Bots “junk” securities for international markets because the country would not be considered among those that will surely be able to repay them. It is a serious problem, even if a few days ago another rating agency, S&P, had left its rating on Italy unchanged. We have no news of Moody’s, which traditionally has always been the most severe rating agency with Italy, and therefore it is to be expected that in the next few hours the markets will start to make us dance with the spreads pushed upwards. The choice of …

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