In a press release the Treasury, following alleged news appearing in some media concerning the State Budget, specifies that the trend in cash and the forecast of future balances are entirely in line with the expectations contained in the finance documents public.
The consolidated data relating to the liquidity available for the past months are public and available on the Public Debt website, the month of June ended with cash and cash equivalents of over 60 billion euros while for the month of July a balance of more than 80 billion is expected.
As can be verified from the comparison with the same data in 2019, the cash and cash equivalents of the Treasury in 2020 are close to those recorded last year, a particularly significant figure taking into account the various legislative measures adopted to deal with the Covid-19 emergency, including the deferral and extension of tax deadlines. At the moment, the forecast of the daily balances up to the end of the year do not show any element of criticality, confirming the historical wide availability of cash to meet any future deadline or commitment.
Furthermore, the signals coming from the auctions on public bonds confirm the confidence of the markets. The issuance activity of the Treasury to meet the greater financing needs has led to gross issues to date for over 353 billion euros, almost 100 billion more than in 2019 which in the same period saw emissions for about 256 billion. The action of the ECB, the strong and cohesive response of the European Union and the confidence of domestic and international investors in Italy have led to a shrinking of the spread today returned to the levels of the beginning of the year at around 145 basis points, for a 1-year btp yield in the XNUMX% area. In recent months, all issues have had largely satisfactory coverage with yields often even lower than those corresponding to the secondary market.
From the point of view of the tax revenue, after the months of lockdown With the payments made in July, particularly encouraging signs of recovery of economic activities emerge. In particular, the first data of the month show for VAT, leading indicator of the cycle, a fall limited to -4,7% compared to the same month last year (in June the trend variation had been -19,7%, in May of -30%, in April of 33,4 %).