Italy

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Per una nuova finanza pubblica

Web site : www.perunanuovafinanzapubblica.it

Contacts : Antonio Tricarico (atricarico@recommon.org), Chiara Filoni (chiarafiloni10@gmail.com)

Twitter : @rivoltaildebito

 

The Italian public debt has achieved the threshold of 2,000 billion of Euro since past November and about 126% of our GNP the first trimester of 2013 , which represents the highest pick in the history of our country.

About 45% of our debt is possessed by Banca d’Italia (the Italian Central Bank), other banks and big investors (insurances, pension and investment funds). About 10% is in the hands of small investors, whereas the left 45% is abroad (mostly in the hands of big institutional investors).

Local municipalities have an exposition to derivatives for about 15-30 billion of euro. Among them 400 have already declared default and more than 1.200 (about 20% of the total) are considered on the way of a structural default. This following the severe measures of austerity imposed to the municipalities by the Monti government (our technical government not elected by the population).

For these reasons, some local debt audit groups are born, also thanks to some campaigns such as Rivolta il debito (Turn over the debt), Smonta il debito (Break down the debt) and Re:Common, some local activists have started to launch their own local audits in the Peninsula. Therefore, we have debt audit groups in Milano, Roma and Bologna (which are working on the debts of the big multi-utilities delivering water, energy and other services in their cities),Verona, Salerno, Livorno, Pescara, Napoli and also the rising of audit groups related to the budget of big universities such as La Sapienza in Rome.

The task of our committee for a New public and Social Finance is to try to coordinate those groups via an open Forum that will be launched the first days of April in Milan and will include the different groups of local audits and other movements struggling against privatizations of common, financialization of services etc.). We are also thinking about the possibility to work on the national debt as audit group, but for now we have only realized a draft of an audit manual and many research on debt issues, mostly to boost and equip with some “expertise” local groups.

Organizations that have been involved in the creation of the new platform for a new finance and that continue to work on debt issues:

www.rivoltaildebito.org

www.recommon.org

www.cnms.it

www.italia.attac.org

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