The Italian newspapers estimate that there are three hundred billion euros owned by Italian companies and private citizens illegally constituted abroad. This figure has 'emerged' as the result of the Italian government offering an amnesty for capital return. While in the United Kingdom amnesty terms are the loss of 50% of your stake, in Italy they're offering 5% if only Italians will reveal where all the money is, and how much of it there is. Bringing it back is a secondary consideration.
The macro economics of public and private debt are fairly interchangeable. The Maastricht Treaty has emphasized public debt exclusively - wrongly - because the financial crisis has been triggered by private as well as public debt. From Southeast Asia in 1997 to Latvia today.
Mr Tremonti is mounting an essentially propaganda exercise after growing tired of false claims that Italy is going under a debt tsunami - that, in truth, would be the United Kingdom. The three hundred billion is the stash of only the little people - the small to medium companies, the professionals, the furbetti del quartierino and their friends revealed by the Fazio disgrace. The serious money will not just stay where it is or where its owners would like it to be next, it is not for the state to even consider, as Mr Tremonti recognised when he denied that the amnesty favoured mafia money.