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Sostenibilità fiscale

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May 5 (Bloomberg) -- Italy, the European Union’s most indebted nation, is likely to fare better than the U.K. and Germany in selling bonds as it prepares to issue a quarter of the region’s securities this year, the head of the country’s debt agency said.

The Italian government plans to issue about 220 billion euros ($293.4 billion) of medium and long-term bonds this year, excluding Treasury bills, Maria Cannata, director general of public debt at Italy’s finance ministry, said in an interview. That’s an increase of about 10 percent from 2008, according to data from the Rome-based Treasury’s Web site.

The 16 nations sharing the euro will issue a record 845 billion euros of debt this year, according to ING Groep NV, as governments seek to finance economic stimulus packages and bank bailouts. The U.K. couldn’t attract enough buyers for all the 1.75 billion pounds of gilts on March 25, the nation’s first failed auction in almost seven years. Germany didn’t manage to sell all the short-term debt it offered on April 20.

“I could have been a little bit concerned about the possibility of a risk of an un-covered auction at the end of 2008, but what we have experienced in the past four months is the opposite situation,” Cannata said. “Demand has been strong.”

Italy attracted bids 1.38 times what it offered at its biggest bond sale of the year on April 29, compared with 1.16 times at the previous auction of 10-year debt in March, according to the Bank of Italy. It sold 12.3 billion euros of securities maturing between 2012 and 2019.