Debt is at a record high, but revenue is soaring.

Italy's public debt continues to hit record highs, with the Bank of Italy reporting a new high of €3,070.7 billion in June, a net increase of €18 billion. This situation, however, is well-aware of the situation in the hands of the "controller," Economy Minister Giancarlo Giorgetti, who has explained several times this year that "our country's public debt and limited budgetary space are a given, a constraint that must be taken into account in any decision." However, some room for improvement, especially in light of the upcoming budget, can be seen in tax revenues, which continue to grow: the Bank of Italy estimates that in the first six months, they increased by €8.5 billion to €257.3 billion, a 3.4% increase over the same period the previous year. This good news is further confirmed by the latest data for June: tax revenue recorded in the state budget amounted to €43.8 billion, up 4.2 percent (€1.8 billion) compared to the same month in 2024. FI reiterates its position: "With an annual increase forecast of €17 billion, a quarter of this figure, equal to €4.2 billion, must be invested in reducing middle-class taxes from 35 to 33% up to €60,000," states Maurizio Casasco, head of the Economy Department. Meanwhile, Senator Giorgio Salvitti, a member of the Brothers of Italy party and member of the Finance Committee, argues: "Less taxes, more revenue." In short, while the debt is a cause for concern, there are still positive signs for the country's finances, as evidenced by the trend in the spread between Italian and German government bonds. The spread fell steadily below 77 basis points today, reaching an intraday low of 76.4 basis points. These are the lowest levels since March 2010, when it reached a low of 68 basis points in early January. At closing, the spread stood at 77.6 points. This result, the spread, has been repeatedly cited by representatives of Giorgia Meloni's government as a gauge of stability and confidence, even in the current congested period, with two ongoing conflicts and calls for a significant increase in defense spending. However, this result also reflects Germany's economic difficulties and thus its reduced appeal.

In debt management, local administrations appear to be more virtuous : "with reference to the distribution by subsectors, - writes Bankitalia - the debt of central administrations increased by 19.7 billion, while that of local administrations decreased by 1.7 billion. That of social security institutions remained almost unchanged. The average residual life remained stable at 7.9 years. The share of debt held by the Bank of Italy continued to decrease, standing at 19.6 percent (from 20% in the previous month), while in May (the last month for which this data is available) that held by non-residents had increased to 33.2% (from 33% in the previous month) and that held by other residents (mainly households and non-financial companies) had decreased to 14.1 percent (from 14.3 percent). The increase in debt in June - explains Via Nazionale - reflects the need of public administrations (16.4 billion), the Growth in Treasury liquidity (€0.8 billion, to €47.0 billion), as well as the effect of spreads and premiums on issuance and redemption, the revaluation of inflation-linked securities, and exchange rate fluctuations (€0.8 billion). That is, €800 million depends on the euro-dollar trend. Finally, commenting on the debt data, Osvaldo Napoli of Azione points out: "Municipalities confirm their role model of virtuous management."