By Sara Rossi and Valentina Consiglio MILAN/ROME (Reuters) - Italy on Friday increased its estimate for debt issuance this year due to its worsening ...
By Sara Rossi and Valentina Consiglio MILAN/ROME - Italy on Friday increased its estimate for debt issuance this year due to its worsening state finances and delays in transfers from theChurch Brewing: where the customers are the congregation and the choir | SaltWireMILAN/ROME - Italy on Friday increased its estimate for debt issuance this year due to its worsening state finances and delays in transfers from the European Union, the only major euro zone country to do so.
In its issuance programme for the fourth quarter released late on Friday the Treasury raised its estimate for gross debt issuance this year to 333 billion euros .The increase will push up Rome's record 2.85-trillion-euro public debt, already the second highest in the euro zone as a proportion of gross domestic product after Greece's.Germany reduced its needs in the fourth quarter by 31 billion euros . Portugal and the European Union took similar steps.
New forecasts approved by the government on Wednesday projected the debt-to-GDP ratio would be stable at around 140% from 2023-2026, rather than declining towards 60% as was required under European Union budget rules before they were suspended in 2020 due to the COVID-19 pandemic. JP Morgan predicted in a note to clients on Friday that a delay in receiving an overdue second tranche of the EU funds would lead to an increase in Treasury bill or bond issuance this year to cover the temporary funding shortfall.
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