Italy’s governing coalition is fighting over plans to sell state-owned assets, including the world’s oldest bank, to bolster finances stung by a souring economic outlook.
Deputy Prime Minister Antonio Tajani, who took over the business-friendly Forza Italia party after the death of its founder Silvio Berlusconi, set the tone at the annual gathering of Italy’s most influential power brokers by saying the government should accelerate its efforts to sell a controlling stake in Banca Monte dei Paschi di Siena SpA.
It’s not the first time Meloni’s main allies have been at loggerheads. Her deputies have disagreed also on a plan to impose a 40% tax on bank profits, a move that shocked investors and disrupted markets. But until now, their internal squabbles haven’t spilled out in such public fashion. Meloni’s government is considering the sale of Monte Paschi — and other selected state-owned assets — as a way to allow Italy’s far-right coalition to fund new spending without adding to the country’s mammoth debt. The move, however, could set off alarm bells with European Union regulators and in financial markets.
Meloni’s administration has also taken controversial moves recently to exert more control over the economy, which has made some investors nervous. In recent months Rome has announced a surprise 40% tax on bank profits, clamped down on how airlines set ticket prices, and approved a decree that will allow it to take a stake in the phone carrier Telecom Italia SpA.
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