Debt and securities. Watch out for the silent levy on Italian savings

It usually starts like this. Expressing what at first sight appears a patriotic desire: “I would like all the public debt to be in the hands of Italians”. A desire often accompanied by issues implicitly aimed at the public of resident subscribers. Emissions crowned with apparent success (and who would give up losing in real terms – because we are talking about this – less than it would by leaving one’s savings in a bank deposit?). Issues not without collateral consequences (think of bank funding and therefore of the volume of credit to the economy). The next step is portfolio constraints. Suggested or imposed. Why shouldn’t institutional investors also demonstrate a patriotic spirit and hold Italian government bonds in a given amount?