Will Cdp demobilize from tourism, Webuild and Tim?
Facts, rumors and scenarios on the next moves of the Cassa Depositi e Prestiti (CDP) by Dario Scannapieco
Goodbye to tourist dreams? Do I pass sideways on the great works? Reverse on the single broadband network?
These are some of the questions that professionals and politicians are asking themselves after the appointment of the new heads of Cassa Depositi e Prestiti, the group controlled by the Ministry of Economy and participated by the foundations: the Draghi government instead of Fabrizio Palermo (who executive Conte 1 wanted to lead Cdp on input in particular from the 5 Star Movement, which won the dispute with the then owner of the Treasury, Giovanni Tria, who aimed for the Cassa on the vice president of the EIB, Dario Scannapieco) appointed Scannapieco administrator delegate : a reversal perhaps even more disruptive for the buildings of politics, economy and finance than the other rough alternations impressed by Draghi: Francesco Paolo Figliuolo in place of Domenico Arcuri as Covid emergency commissioner, Fabrizio Curcio in place of Angelo Borrelli to the Civil Protection, Elisabetta Belloni in place of Gennaro Vecchione al Dis, to mention the most famous replacements that have made and Count and rejoice the dragons, real or presumed.
But what is the mission of the new top of the Cassa wanted by the Ministry of the Economy that has renewed the board (while Giovanni Gorno Tempini, expression of the foundations, remains in the presidency)?
This is the key question that for decades on the front page of Corriere della Sera was asked – every time governments changed the boards of directors and the top management of companies controlled or invested in by the Treasury – the liberal economist and main columnist of the RCS newspaper on the subject economic and financial, Francesco Giavazzi.
This time Giavazzi did not ask the usual question – and Corsera did not ask it – because the economist friend of Draghi was called by the former president of the ECB to Palazzo Chigi as a consultant for precisely these matters.
Behind the fig leaf of the headhunters' societies ("qualified companies", today the Economia del Corsera remarks), the Minister of Economy, Daniele Franco, with the director general of the Treasury, Alessandro Rivera, have composed backhoes subjected to the Prime Minister, who chose after deciding whether or not to confirm the company heads of the companies in which the top management expired, such as Cdp and Ferrovie (where new top management and new board of directors were appointed, with the barbina figure of the Candiani case of Microsoft ).
What was the premier's compass on appointments? According to Corsera , the compass could only be the sentence that Draghi himself had pronounced inhis inauguralspeech to the Senate: “The role of the state and the scope of its interventions must be carefully evaluated”.
What does this mean for the Cassa Depositi e Prestiti? The translation of the Corriere Giavazziano is the following: “During the Palermo management that perimeter had expanded by virtue of a whole series of operations and an upstream choice. The top of the CDP, in fact, in unsuspecting times could have tied their hands, writing a sort of preamble on "investments-that-would-never-have-made", and instead had chosen the opposite path ". A choice never too criticized by Corriere della Sera .
The interpretation of Scannapieco's mission in Cdp – which can be read today in the Corriere – coincides with that supplied in a thunderous manner on the day of the torpedoing of Palermo ("Farewell to State capitalism") by the newspaper Repubblica ( which, moreover, days before he robbed the rumor of the imminent appointment of Scannapieco in the CDP as an “ imaginative reconstruction ” ).
They are not the only drafts on Scannapieco's Giavazziana-Draghian mission in Cdp. Also on the basis of Draghi's reiterated declarations on the certain resumption of tourism, Palazzo Chigi would feed a mixture of disinterest and opposition to incisive state interventions in tourism. For this reason – among the pour parler that the Draghian entourage would have already had with Scannapieco – the finger is pointed at the National Tourism Fund announced last September also by Minister Dario Franceschini (Pd) for "investments of up to 2 billion euros in hotels historical and
iconic Italians ".
The government snorts – as reported in recent days by the newspaper La Verità – have been pinned on the dossier being studied by the CDP of an intervention in the company that owns Borgo Egnazia, a luxurious and exclusive resort in Puglia; an operation in progress on which Giavazzi's arrows would be pinned.
A different approach of the Cdp version Scannapieco is also expected on the single network, with another reversal with respect to the yellow-red setting of Conte 2, as also analyzed and commented on a report by Intesa Sanpaolo .
Journalistic indiscretions not denied by the government (albeit resized and contextualized by a note from Tim) and statements by the Minister of Digital Transition, Vittorio Colao, lead observers to believe that the single fiber network dossier between Tim and Open Fiber, or the AccessCo project .
Yesterday's words by the former Vodafone number one in Europe, namely Colao, now a leading minister in the Draghi government, are significant: "Let's let small and large" operators "find their balance, if the players don't want to play then The state will have to intervene but we must guarantee the interest of citizens not of specific companies ”, said the Minister of Digital Transition in his speech at the Trento Festival of Economics, answering a question on the single network.
Not only that: “The single network is not a big issue in other countries. We, as a 'former coach', have to think about skills and connections. The goal is to bring connectivity everywhere. We have taken six billion and 700 million euros to help the 'players'. Our task is to make the players who are there play at their best, then if they don't play, the state will do the same, but the important thing is that there isn't a player who takes the ball away and says I'm the only one to play. We would never let this pass and Europe would not pass it either ”, added Colao.
Words that do not deny, indeed indirectly confirm, the indiscretions of the sheet : "Cdp, perhaps even by the end of the year, will dilute its participation with the intention of subsequently putting the remaining package on the market", wrote the director Claudio Cerasa .
Il Foglio – which has always been sensitive to whispers and liberalist inspirations like Giavazzi, while not disdaining state contributions as well as hosting recently when it was number one of Cdp, Palermo, at the tech party of the newspaper founded by Giuliano Cerasa – added: "The approach present instead pushes the CDP to consider itself as a shareholder present for a fixed term. Objective: to put one's investments at the service not of a political ideology (to nationalize what one can) but of a vision of the market (to get out of it when one can) ".
According to "the intentions of Palazzo Chigi" revealed by the Sheet , "the intention of the new course of Cdp is to dilute the participation as soon as possible, until it comes out completely, in Webuild", a group participated by Cdp Equity with 18, 68%.
Desired scenario or giavazzian-scannapiechian indiscretions?
In the meantime, Scannapieco drafts are gushing about upcoming changes within Cassa Depositi e Prestiti.
At the cash desk you start dancing.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/cdp-smobilitera-da-turismo-webuild-e-tim/ on Mon, 07 Jun 2021 11:20:09 +0000.