No euro exit proposal on tap - 6/10/2018 7:54:31 AM

13 Juin, 2018, 17:56 | Auteur: Auguste Feret

"Maybe Tria's comments are a bit more blunt and reassuring than markets were expecting and that explains the move in Italian bonds, but we are still in an illiquid market for BTPs and that's illustrated in the market reaction", said ING senior rates strategist Martin van Vliet.

Tria has also said he and the government aim to reduce Italy's debt/GDP ratio, which is now the eurozone's second-highest at 132 per cent, despite promises to increase welfare spending and roll back pension reforms. He was eventually handed a less important portfolio after the head of state refused to accept his nomination.

Tria, an economics policy professor, was a last-minute choice to replace the coalition's preferred pick for the post, an economist who has advocated having a backup plan to abandon the euro.

He added that Italy's new government would seek to block any market conditions that would "push toward an exit". "There is no question of leaving the euro", he said.

Mr Tria said he had spoken to his German counterpart and was looking for "fruitful dialogue" with the European Union, adding Italian interests chimed with those of Europe.

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The new government has promised to roll back pension reform, cut taxes, and boost welfare spending, measures that are expected to cost tens of billions of euros.

The previous center-left government had forecast a fall in debt to 130.8 percent of gross domestic product this year and 128 percent next year against 131.8 percent in 2017.

"As part of the debt reduction and deficit reduction goals, the budget will reflect the basic choices on how and when to implement the [government] program", he said. He also told the Italian newspaper Corriere della Sera that the government would not allow debt levels to go out of control.

He also distanced himself from calls within the coalition for the government to issue securities to pay off individuals and companies owed money by the state. "The range of issues he is talking on raises question marks about the agreed programme between 5-Star and League", he said, referring to the two parties in Italy's coalition.

"Stop-gap solutions solve nothing", he said.

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