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After five days, the placement of the long-awaited BTP Futura 2028, the bond sponsored by the Government and the sovereigns of our house, is finally completed. The bond which, in the intentions of the anti-MES and supporters of the theory of monetary sovereignty (majority and opposition), should have shown how Italy can do it on its own to find all the necessary resources to finance the crisis from pandemic, resorting to the generous savings of Italian families. But there are no waterfalls. In fact, things did not go as the Government intended.
In fact, the total request for the share was only about 5.71 billion euros, an amount even lower than what was collected from the previous placement of the BTP Futura 2030, which last July had obtained total requests for about 6.13 billion. euros and which had already been considered a half flop.
And so, in the two placement tranches, the “sovereign” bond did not raise even 12 billion euros, in two weeks of placement, requiring the Treasury to make a considerable commitment of human resources, in order to raise resources equal to not even a third of those that could have been obtained by accessing the MES loan, amounting to 36-37 billion euros, immediately available since last May, at rates close to zero.
The flop of the BTP Futura is a strategic debacle for the anti-MES, majority and opposition, and an enormous damage for Italy, especially considering that the proceeds of the BTP Futura, as explained by the Treasury itself, had to be used to finance the health and hospital costs of the pandemic. Exactly like those of the ESM, which could have been requested and budgeted already last spring, we reiterate at zero or even negative rates, while to make up for the ideological rejection of the ESM, the Treasury had to offer mind-boggling and completely out of market returns to investors Italians (who will then have to return them anyway when the debt has to be repaid). The damage is now done, and we have all paid for it in terms of the lack of hospitals, schools, related transport and adequate facilities to cope with the new wave. A damage that weighs like a boulder on the conscience of those who, deceiving the Italians, have ridden a solution that has proved to be a real failure.
Now, the only thing that can be done is to access, without further delay, the ESM loan, with a unanimous vote by Parliament. It is certainly late, but to procrastinate further would only exacerbate an already gigantic damage, which could become catastrophic for the country.
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