The spread has returned to 100 basis points, with global debt in turmoil due to the Hormuz crisis and the US Treasury crisis. This signals a complex balancing act for the government, which must find resources for the 2027 elections, markets that must not be underestimated, and spending margins squeezed by the higher cost of financing the debt.

"As I've always said, we need to be very careful about debt, luckily we've been careful about it over the past four years," commented Economy Minister Giancarlo Giorgetti.

Certainly, the BTP-Bund spread, which has risen again as it hasn't since spring 2025, is a source of great concern for the executive and also for the majority as it prepares to pass the budget law.

Following the failure to exit the EU's excessive deficit procedure early, some of the options circulating in recent weeks, such as expanding the flat-tax bracket for self-employed workers, seem to have disappeared from the radar. Funding is needed, and the debt must be stabilized, given that it is expected to exceed 138% of GDP next year, compared to 137.1% in 2025.

(Unioneonline)

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