Libera: San Marino downgraded …
And after 1000 days of government, a flood of promises and good intentions, nothing in terms of structural reforms, San Marino is downgraded. The latest Fitch report lowers the Titan’s rating from BB + to BB, despite the outlook (i.e. the forecast indicator) that the Finance Secretary boasted of, had passed in the previous rating from negative to stable. The BB rating means that our country’s economy is considered to be in difficulty in paying its debts when serious uncertainties and adverse economic and financial conditions arise on the market. A very difficult autumn is ahead of us, where the adversity of the economic conditions will manifest themselves heavily, at least for all European countries. San Marino is facing this period in the worst of conditions, having not intervened on the structural deficit of the state budget (the balances declared by Gatti are still obtained with the ploy of new debts), for the energy supply of new employees from Italy, a country that, together with Germany, will experience the most serious problems on this front, and, last but not least, a foreign debt of 340 million euros already often to support the banks and for all public salaries and spending in general, without having foreseen a minimum current of investments. The news of the downgrading of Fitch highlights the serious shortcomings of a government unable to respond to the country system. The Secretariat of Finance tries to minimize it by saying that the BB depends on the worsening of economic conditions outside San Marino. No Secretary, the BB highlights how San Marino is judged to be in difficulty with respect to the occurrence of negative economic conditions. The knots that must be untied by the governissimo of the 44 are all coming to a head. Libera has always proposed to summon economic, social and political forces to manage the public debt in a virtuous way, avoiding using it for spending and the banking system. But Gatti and his companions are and continue to be deaf to our requests, the result: our country has ended up in the vortex of debt without knowing if it will be sent in just over six months when we will be called by the markets to renegotiate it. All this with all due respect to Rete which for years has been beaten up against foreign debt and today supinely accepts everything in order to keep its seat and not disturb the Christian Democrat ally. Libera has also repeatedly asked for information on the project linked to the San Marino banking system, in particular the regulation on NPLs made in a hurry a year ago and to date completely inapplicable. Not to mention the structural reforms and the critical issues that will emerge in a few weeks with increases in bills, skyrocketing abundance and difficulties for many families and families. Here too the watchword is to minimize. The problem is that the strategy of “dust under the carpet” by avoiding facing the strategic issues of the country is leading our Republic to get into debt without a future, without a project, without a strategic vision. Libera will urgently ask the Council for a specific commitment to the Government to understand and analyze the state of our budget, how to reduce the structural deficit, which economic projects we want to carry out and, of primary importance, which foreign policy we intend to adopt. The country as a whole must decide the best trajectories, and one of the important tools that will be the next financial law. In this way we can save the country, while continuing to argue that everything is fine means brutally sinking it.
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