BTPs and current accounts have always been tied to a double thread because with the risk for the Italian rating being downgraded to "rubbish" securities it is overwhelmingly incumbent the run of investors to sell, worsening the already weak recovery of an asphyxiated market even led to fear returns above the 3% for expiration to 10 years giving a negative signal to the international markets.
The crisis so feared for the sovereign debt that will overwhelm the euro in the 2019 and that should, and here the conditional is a must, bring the ECB to intervene in the fall to prevent the breakdown and the exit from the single currency of Italy will come determined by the rating agency Moody's which will review the judgment on the Government Securities (BTP) following the analysis of the 2019 Stability Law by the Italian Government, ie no later than October.
If the rating agency Moody's will express its negative opinion on the economic-financial works implemented by the Italian Government, Italy will incur a serious infringement procedure by the ECB which, with the current regulations, will no longer be able to use the "Quantitative Easing "and that is the purchase on the Italian BTP markets, quickly leading Italy's economy to a total paralysis and a probable default in contrast to Great Britain that following the BrExit, will continue to enjoy the trust of international markets.
To date, the rating expressed by the rating agency Moody's is "BAA2" for Italy, that is two points above the "rubbish" BTP, which is already unnerving the markets fearing a possible downgrade with the relative escape of investment funds and also putting at risk current accounts and therefore the savings of Italians as many large banking institutions have in their heads countless State Bonds and risk bankruptcy.
The risk of the downgrade is a future scenario with the bleak lines that would result in the rise of speculative funds, an explosion in yields and the loss of access to primary financial markets by Italian financial institutions and would be only the principle of a commissioner from part of the European institutions in the same way as it was in the past for Greece.
In order not to incur a scenario, to say the least, apocalyptic, we have already glimpsed the first signs from today's Italian Government, with an obvious deployment Pro-Europe but above all with a stronger and renewed understanding with the American White House, giving the impression of being able to undermine the Franco-German axis.
Following the worst case scenario for Italy, the only alternative to the suspension of the BTPs would remain the Federal Reserve, which could intervene thanks to the US President's requests to guarantee Italian issues by lowering the spread with small purchases similar to the ECB quantitative easing but , creating a casual historical record that could determine over time the exit of Italy from the euro zone and the end of the single currency.
In the meantime i current accounts Italian savers would however suffer the negative consequences of a crisis announced with catastrophic scenarios due to the failure of many Italian banks.
Quantitative easing was used, as an instrument of financial rescue, to give Italy wider scope and prevent its financial collapse already starting from 2012, when Germany advised to make massive and urgent reforms with great sacrifices for Italians, but, where already from the 2013 one could see impassivity in the strange financial management of the European state.
It is now explained, the great race to the registrations of foreign companies in the United Kingdom and in United States of America (USA). , realization of foreign funds and opening of current accounts foreign non-nominative but corporate acts to protection of their capital even if small.