The state borrowing sector showed an interim surplus in June of approximately € 1,300 million due exclusively to a temporary misalignment, down by approximately € 2,400 million from the positive balance recorded in the month of June 2010 of € 3,729 million.
The borrowing requirement in the first six months of 2011 was € 43,500 million, down by approximately € 2,800 from € 46,361 million recorded in the corresponding period in 2010.
COMMENT
The surplus was affected by the postponement of deadlines for individual tax returns which, unlike what had occurred in 2010, involved not only those taxpayers that were subject to business sector analysis, the system for calculating the presumed income of certain categories of taxpayers known as studi di settore. The impact on the balance of the month was partly compensated by lower public debt interest rates and by a slower payment dynamics involving, in particular, territorial administrations.