Public debt, interest payments fell by 5 billion in 2015 – The Messenger

Target achieved: in 2015 the interest payments on the public debt will stop 5 billion more in comparison to the level of last year.

The announcement of Maria Cannata, the Ministry of Economy that guide the general direction of public debt, confirming the signs appeared two months ago in the Update to the Def (Document of economy and finances). At that time the total expenditure for debt service were quantified for 2015000000000-70000000000 account a little more than 75 last year.

Cannata spoke at the press launch of a new document, Report on the public debt relative to 2014: the meeting was also attended by the Director General of the Treasury Vincenzo La Via and – for a few minutes at the beginning – Economy Minister Pier Carlo Padoan.

Padoan He wanted to clarify, than the interpretations given to a recent interview, which for 2015 is confirmed the estimate of GDP growth to 0.9 percent, despite the possible adverse effects related to the threat of terrorism.

As for the debt, the minister reiterating that next year will begin to fall in relation to GDP, noted that the path of descent is slowed by very low inflation (expected to “inflate” the nominal GDP which is the denominator of the ratio): for this aspect Padoan said to “count on the ECB.” The minister, along with the same Cannata, then explained how the publication of the report responds to a logic of transparency, but must live with the necessary confidentiality of certain sensitive issues, such as the management of derivatives (contracts for financial counterparties ” ensure “the public debt against serious risks such as a rise in interest rates).

On this subject, the subject in recent months of criticism and requests for clarification, it is unthinkable to impose state secrecy, observed Cannata. But many actions relating to derivatives are likely to remain reserved. For example, the Treasury does not intend to say what the counterparties with which the individual agreements are concluded. In 2015 the management of derivatives should weigh the interest payments to 3.5 billion, the same as last year.
 

 Monday, November 30, 2015, 15:53 ​​

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