Who owns italian debt

This outlook has led the European Commission to start a debt-driven excessive deficit procedure against the country. Whether or not this procedure will go beyond its early stages is not clear. But it is certain that in the end, all the European authorities could do is to impose a fine of a few decimals of a percent of GDP.

The real arbiter of Italian public finances thus remains the financial markets where the Italian Treasury has to sell its debt to finance both the current deficit and the roll-over of past debt coming due. In this context, the holdings structure of government debt becomes important. Knowing who are the ultimate holders of Italian public debt is crucial for answering two important questions:. In this context, the holdings structure of government debt becomes important.

Knowing who are the ultimate holders of Italian public debt is crucial for answering two important questions: 1. Who would carry the losses should there be a default?

The list of institutional units included in General government is updated and published every year by Istat. La prosecuzione della navigazione mediante accesso ad altra area del sito o selezione di un elemento dello stesso ad esempio, di un'immagine o di un link comporta la prestazione del consenso all'uso dei cookie. The short-term debt ratio was significant in Sweden The countries providing a detailed long-term debt breakdown showed very different structures.

This is shown in Figure 6. While the initial or original maturity of debt measures the time between issuance date and redemption date, the remaining maturity of debt measures the time left until the redemption date. Figure 7 shows the share of central government gross debt with a remaining maturity of less than one year, at end and at end , i. At the end of , the highest shares of short-term remaining maturity debt in total central government debt were reported by Sweden Between the end of and the end of , large reductions in the share of short-term remaining maturity debt were observed for Estonia Please see the notes below.

All three countries are not part of the euro area and the major share of their foreign currency issuances are denominated in euro. As concerns changes in the ratio of foreign currency debt to total debt between the end of and the end of Denmark and Romania increased the share of foreign currency debt, while the share of foreign currency debt decreased in Poland.

Figure 9 presents the share of outstanding central government debt issued in euro at the end of The debt denominated in euro is equal to the debt issued in national currency for the 19 euro area member countries. In contrast, the major issuing currency in the non-euro countries Czechia The apparent average cost of central government debt accrued interest payable over the period as a percentage of the average outstanding debt shows the differences between countries in terms of their cumulated past conditions for accessing financial markets.

Based on 27 replies from EU Member States and Norway, the analysis of apparent average cost of central government debt is shown in Figure The apparent average cost of central government gross debt varied between 0. Comparing the data with , decreases in implicit rates were observed for all reporting countries.

The largest decreases were observed for Lithuania 3. As this measure of the cost of debt depends on interest rates prevailing at the moment of issuance in the past, it is normally not very sensitive to the most recent market trends, provided that the composition of debt is mainly long-term. The large decreases observed between and are a reflection of the very low interest rates prevailing during as well as the large volume of new issuances in as a result of the COVID pandemic.

Countries were additionally asked about the amount of government guarantees. These guarantees both "one-off" and "standardised" are not part of government gross debt, as they are contingent liabilities, being contingent on the actual call of the guarantee. They should not be added to the Maastricht debt. Based on 27 replies from EU Member States the ratio of government guarantees provided by central government on debt of non-government units, as a percentage of GDP, is shown in Figure Between and , the stock of guarantees granted by central governments increase for all countries for which data is available.

This is equal to the undiscounted amount of the principal that the government will have to pay to creditors at maturity. Debt statistics cover data for general government as well as its subsectors: central government S.

Debt figures on general government statistics and each of its subsectors are reported consolidated. Consolidation is a method of presenting statistics for a grouping of units, such as institutional sectors or sub-sectors, as if it constituted a single unit. Usually the sum of subsectors should exceed the value of the general government sector.

Subsector data should be consolidated within each subsector, but not between them. ESA recommends compiling both consolidated and non-consolidated financial accounts. For macro-financial analysis, the focus is on consolidated figures. The Maastricht debt is also consolidated.