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Italian Households Double Their Share of Public Debt as Foreign Holdings Hit a Record

Elevated yields alongside retail BTPs drew savers back to government bonds.

Overview

  • As of August 2025, households and firms held €442.4 billion of Italian debt, equal to 14.4% of the total and nearly double their 2021 low.
  • Foreign investors owned €1,039.9 billion, or 33.8% of the total, marking the highest share in six years and reinforcing international demand.
  • Italy’s public debt reached about €3,080.9 billion, up €665 billion since 2019 for a 27.5% increase.
  • The Bank of Italy’s holdings fell to €592.1 billion, or 19.2%, following the end of ECB net purchases.
  • Italian banks kept more than €620 billion in BOT and BTP, roughly 20% of the total, while the BTP Valore program has placed about €93 billion since 2023.