RF returns to the government and majority’s jubilation for the debt rollover. The replacement, that is, of the old debt with new debt, at a halved interest rate, of course, but which will still cost 13 million euros a year until 2031. For this reason there is little to laugh about for RF: “Marco Gatti and his government colleagues – he writes Future Republic in a note – they are happy because it was possible to negotiate the debt close to maturity at a lower rate. Tens of millions of euros to be paid to extend the 340 million euros of debt until 2031.
The perspective with which we are governed is this and joy is measured in this way. And what is the purpose of debt debt? Not for investments, but to pay public employees, consultancy, travel, increasingly bizarre projects – above all the 100 meter bullet train.
There is something not working in the government and in the parties that compose it, which are following the path of structural public debt with recklessness and worrying euphoria.
From the outside, are we more credible because Marco Gatti increased taxes in 2026? Will we be tomorrow because the Government will cut pensions, increase the retirement age, reduce public services or cut healthcare?
The budget, from 2022 to 2024, was supported by super inflation and the failure to apply fiscal drag and today it is supported by excise duties and the blow of the IGR reform: essentially Marco Gatti makes himself look good with the pockets of citizens and businesses.
The debt generates interest and the capital should be repaid, decreased and not reactivated in a perpetual motion that is bringing San Marino dangerously close to managing the debt of other not particularly virtuous countries. The new debt issue has brought each person’s debt to 10,000 euros until 2031, with associated interest to be paid and issuance costs, which will certainly not be low. For Repubblica Futura there is little to laugh about.
We do not see serious, rigorous budget policies with real margins to make infrastructure investments, support purchasing power, reduce debt, in a historical phase in which it is easy to find money in the markets, especially at high rates.
The State now invests in itself. Banks, citizens, pension funds buy public debt on which the State pays interest. But the government is enthusiastic, the construction sites at Palazzo Begni are working 24 hours a day and soon we will travel 100 meters by train to the station… and the money will arrive next week. Repubblica Futura notes the government’s total inadequacy in managing the public budget. We await with curiosity the news of the 2026 budget change, where perhaps there will be euphoria due to the boom in excise duties on fuel, without thinking about the extra costs of the global crisis: a black cloud also looming over San Marino, in the face of which it is not known what plans the government is preparing. It’s a party until 2031… Gatti and his government colleagues laugh, the turnaround is postponed until after 2031, whoever will be there will see and the younger generations will manage!!!”, concludes RF
