Newsgroup: it.politica.pds
Titolo: ITALY UPGRADED to Aa2 as EMU convergence boosts public finances

PRESS RELEASE
Approximately $723.1 Billion of Debt Securities Affected
London, 15 May 2002 -- Moody's has upgraded the ratings of the foreign- and
euro-denominated obligations of the Republic of Italy to Aa2 from Aa3. The
agency said that the main factor underlying the upgrade is the ongoing
decline in the ratio of government debt to GDP, as the country's public
finances continue to benefit from macroeconomic convergence with the rest of
the European Monetary Union. As debt servicing costs on the public debt fell
and aggressive revenue measures were undertaken, annual budget deficits
narrowed and the primary balance moved into surplus. The debt ratio has
fallen to 107.5% of GDP in 2001 from a 1995 peak of 123.2.
Moody's noted that Italy's demographic situation is not as precarious as
that of many of the other eurozone countries, which face steadily rising
pension liabilities in coming decades. Although public social security
expenses in Italy are currently high at 11% of GDP -- which constrains the
flexibility of government spending on other social and infrastructural
necessities -- this burden is expected to decrease over the longer term.
The rating agency cautioned, however, that Italy faces considerable
structural challenges that could impair growth prospects over the medium to
long term in spite of the progress achieved in the public finance arena.
Specifically, fundamental reforms of labor market policy and the tax system,
changes in corporate ownership structure, and development of human capital
are all important elements that would support stronger growth. In addition,
expanded research and development spending and infrastructure expansion --
especially in the South -- are key to generating more balanced progress
nationwide.
Finally, Moody's emphasized that the constraints imposed by the Growth and
Stability Pact will tend to limit Italy's and other eurozone countries'
potential for deviating from a virtuous financial path. As a consequence,
even though Italy is facing a clear trade-off between growth-enhancing
measures and further debt reduction, the country's choice likely will be in
favor of the latter. Therefore, even assuming that a degree of growth will
be sacrificed, the country is expected to be able to continue running a
primary budget surplus sufficient to keep the debt ratio on a downward trend
for several years ahead.

 ha scritto nel messaggio
news:65yE8.64359$5k4.1...@twister2.libero.it...

ONORE alla sinistra per la poderosa azione di risanamento con le finanziarie
1995 (Dini) 1996 (Dini integrata da Prodi)-1997-1998-1999-2000-2001 che
hanno permesso di abbattere il debito di 15 punti percentuali e quindi far
promuovere l'Italia a paese affidabile.
Non vedo cosa c'entri l'attuale esecutivo, visto che nel 2001 non ha posto
nessun correttivo alla finanziaria 2001 di Amato.
SVEGLIA TEXANO!!!!!!!!

London, 15 May 2002 -- Moody's has upgraded the ratings of the foreign- and
Dear Tex, try to read better. Mooby's talk about the years 95-2001...
Where was Mr Berlusconi?
The answer is to the opposition, darling :))
Bye-bye
Waku waku!