(Finance) – The success of BOTs and BTPs will cost the state coffers dearly, thanks to the high cost of money: from From 2023 to 2027, the interest that the Treasury will have to pay to subscribers of government bonds will increase by almost 25 billion euros with a growthwhich will touch 32% from 78 billion to 103 billion. The curve of the trend of interest expenditure on debt service grows constantly and the increase of this item of the public budget compared to GDP is even more dizzying: from 3.8% in 2023 to 4.4% in 2027. This is how much emerges from a document from the Study Center of A business, according to which the cost of renewing public debt will rise by 7.8% this year, 4.6% in 2025, 7.7% in 2026 and 8.4% in 2027. Over the four-year period the spending to remunerate subscribers of bonds issued by the Treasury will rise by 24.9 billion with an increase of 31.7%.
“What we have before our eyes is yet another undesirable effect of the wicked monetary policy dictated by the European Central Bank: with 10 increases in just 14 months and the base rate brought from zero to 4.5%, bond interests have also grown, too much” explains the vice president of Unimpresa, Giuseppe Spadafora.
“For this reason, the rate cut by the ECB it is not only essential, but urgent. Many observers have pointed to the June meeting as the one to initiate a return to a more expansionary monetary policy. Yesterday the governor of the Bank of Italy, Fabio Panetta, balanced and far-sighted, said that the uncertainty over cuts could cause the start of a new recessionary phase. I hope that Panetta’s line prevails, but some doubts are legitimate, considering the balance within the board of the European Central Bank. And I also fear that the slowdown in reducing the cost of money by the American Federal Reserve could once again influence the decisions taken on the other side of the Atlantic” comments Spadafora.