Ferdinando Giugliano, Columnist

Italy’s Smoke and Mirrors Won’t Fool Markets

The country is on course for a battle with the EU and financial markets.

October 5, 2018 at 10:58 AM UTC

Corrected

October 6, 2018 at 1:56 PM UTC

Ferdinando Giugliano is a former Bloomberg Opinion columnist. He was previously a member of the editorial board of the Financial Times.

Celebrating, for now.
Photographer: Alessia Pierdomenico/Bloomberg

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The Italian government has finally presented its much-awaited economic and fiscal forecasts. They are an exercise in smoke and mirrors of which Harry Houdini would be proud.

The inflated growth figures and frankly incredible future budget adjustments are unlikely to sway investors and the European Commission. Italy is heading for a fight with the EU and, more dangerously, the financial markets.