Overview

• Bankitalia data show June public debt rose by €18 billion to €3,070.7 billion, setting a fresh record.
• Central government borrowing accounted for a €19.7 billion increase while local authority debt declined by €1.7 billion.
• Technical factors—including a €0.8 billion rise in Treasury cash balances and €0.8 billion from bond issuance, revaluations and FX effects—added to the debt load.
• Tax revenues climbed 4.2 percent in June to €43.8 billion and rose by €8.5 billion (3.4 percent) in the first half of 2025.
• The Bank of Italy’s share of debt dipped to 19.6 percent as non-resident holdings rose to 33.2 percent, and sovereign spreads fell to around 77 basis points, their lowest since March 2010.