After making us drink the tale of good debt and bad debt Mario Draghi has indebted the country for 500 million a day from the beginning of his government without counting what we will be in contrast with the PNRR.
Most of the expenses accumulated in 2021 ending with a “cheerful” financial for 2022 all in the key of a quirinal election, once the objective has vanished, the Prime Minister has begun to meditate on flight so as not to have to face the troubles that will surely come.
Unfortunately for him Cristine Lagarde realized (finally) that European inflation was out of control and that therefore the ECB could not have continued to buy government bonds indefinitely, the excess of monetary stimulus, good debt according to Mario’s definition, produced an increase in prices and a depreciation of the Euro to which the Central Bank it should have been remedied even without the war in Ukraine.
Like this the Spread that Draghi had inherited at around 100 basis points jumped to 190 during his government and shows no signs of stopping. There is no trace of inflation and spread in the Def written by Franco, so much so that in the London exchange rooms it is used on the back as a note paper.
Europe worried about the scenario has begun to deploy its weapons first of all European Stability Mechanism, and in fact Gentiloni’s loyalist, Marco Butti, is a candidate for Director General of the new institution. A real fig leaf to hide the harshness of the measures that await Italy should it ever ask for help.
The Mes is nothing more than the procedure used for Greece but in the form of a treaty, all uncertainties have been eliminated by forcing the country that requests it to a strict discipline of cuts, taxes and privatizations on pain of collapse of public debt and banks.
Mario Draghi did the math well, he will go to Biden to beat money for having held a super pro-American position, cashing in on the promise of the management of NATO, or the IMF or the World Bank, he will return to Italy and in July he will present a maneuver that corrects the financial super optimist 2022 and partly anticipates that of 2023. If the parties do not approve it, it will take off, blaming them if instead it carries it through, it will earn a few more months for not having to ask for the help of the ESM.
If, on the other hand, the markets were to be extremely nervous, it will blame Putin and it will leave the next government under the absolute protection of Europe with France that has already positioned its men in state-owned companies, starting with Fincantieri and ready to play a lion’s role in the sale of Italy.
Mario Europa and Spread work together as always, but not for us.
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