(Finance) – The last round of auditions is underway on the maneuver before the Budget commissions of the House and Senate. Today word to the productive associations, a Bank of Italy and Istat, tomorrow Tuesday the 14th, it will be on to the Parliamentary Budget Office and to close to the Minister of Economy, Giancarlo Giorgetti.
Finished round of hearings, it will be up to the Government to find – not without difficulty – a point of synthesis to satisfy the requests, putting together a limited package of amendments given the Government’s need to keep the balances unchanged as well as avoid slips on thorny chapters. To complicate the picture, the flurry of strikes which will most likely push the executive to review the tightening of pensions of the states, among the most contested interventions.
The calendar of events is quite busy CGIL and UIL have8-hour abstentions have been announced between Friday 17 November and 1 December, while the CISL will demonstrate the November 25th in Rome. Against the tightening of pension calculations foreseen by the next Budget Law, even the doctors’ unions have announced a stop scheduled for December 5th. Criticisms also expressed by the world of industry with the president of Confindustria, Carlo Bonomi, who asked for a greater push to investments.
All this while Rome awaits the judgment of Moody’s on the rating. Most analysts agree on the scenario which envisages confirmation of Italy’s rating by Moody’s but also point to the difficult predictability of the “report card” of that is that it is in fact the most authoritative agency. What is certain is that the report card Moody’s will have a double impact: political but also financial given that if Italy’s rating were to slip below investment grade, the spread between BTP and German Bund, which is now hovering around 185, “could test” the 250 basis points threshold: this is the scenario outlined by a study by Barclays.