exv99w1

Exhibit 1

Recent developments update dated September 14, 2009

The information included in this section supplements the information about the Republic of Italy that is contained in Exhibit D to the Republic’s annual report on Form 18-K, for the fiscal year ended December 31, 2007. To the extent that the information included in this section differs from the information set forth in the annual report, you should rely on the information in this section.

The Italian Economy

Italy’s economy has deteriorated significantly as a result of the global economic and financial crisis that started in 2008. Based on ISTAT data, Italy’s real GDP decreased at a seasonally adjusted rate of 1.0 per cent in 2008, compared to a 1.6 per cent increase in 2007. In the first quarter of 2009, Italy recorded a 6.0 per cent decrease in real GDP compared to the first quarter of 2008, and a 2.7 per cent decrease compared to the last quarter of 2008. Italy’s real GDP decreased by 0.5 per cent in the second quarter of 2009 compared to the previous quarter and by 6 per cent compared to the same quarter of 2008. Italy’s seasonally adjusted average unemployment rate increased to 7.3 per cent in the first quarter of 2009, from 7.0 per cent recorded during the last quarter of 2008. Consumer prices, as measured by the harmonized EU consumer price index, decreased at an annual rate of 0.1 per cent during the twelve months ended July 31, 2009, compared to a 2.4 per cent increase during the twelve months ended December 31, 2008.

On April 6, 2009, an earthquake hit the province of L’Aquila, in the Abruzzo region, destroying buildings and infrastructure. The estimated cost for the reconstruction and re-launch of the economy in the areas affected by the earthquake is estimated to be approximately €2.5 billion for 2009.

Measures to Address the Financial and Economic Crisis

In addition to the measures taken by the Italian Government to address the banking crisis in 2008, in 2008 and 2009 the Government took several actions to contain the effects of the global and financial crisis, to support the economy and accelerate its recovery. The Government also injected significant liquidity into the system by accelerating payment of past debts and reducing the accrual of tax refunds.

In June 2009, the Government adopted a decree (Law Decree 78/2009) approving €11.5 billion of measures to be taken in the 2009-2012 period intended to support the economy. The decree is aimed at increasing Government revenue by decreasing tax avoidance and evasion. Government expenditure will be reduced by decreasing fraudulent claims for disability grants and by re-computing as of 2010 the ceiling on pharmaceutical expenditure. Deficit-reduction plans are also in place for the five regions that have recorded the highest healthcare budget deficits.

A significant number of measures contemplated by the decree are aimed at sustaining employment and the re-launch of business investment. These measures extend the use of social safety nets for example by encouraging companies with workers on Government funded long-term unemployment programs (cassa intergrazione) to re-employ those workers for training purposes on condition that the workers will be paid the same wage paid by the long-term unemployment program, of which 80 per cent would continue to be financed by the Government and the balance by the company. The measures also provide that the Government will pay early the bonus for self-employment, extend to 24 months the long-term unemployment program (cassa intergrazione) applicable to workers employed by businesses that cease to exist and increase for 2009 and 2010 wage supplements for solidarity contracts.

The decree’s provisions in support of businesses include: the exclusion from taxation on business income of 50 per cent of the value of investment in equipment and machinery made by June 20, 2010; more rapid depreciation of capital goods and new procedures for the write-down of non-performing loans and receivables for tax purposes; and the public administration’s more timely payment of amounts due to purveyors and suppliers and amounts due on contracts, in order to work off the amounts in arrears and to reduce those for the future. New legislation to reduce energy costs, particularly the cost of gas, is expected to provide benefits to businesses as well as to households.

Excluding the initiatives in favor of the banking sector and measures contemplated by Law Decree no. 78/2009 (adopted in June 2009), the Italian Government estimates that its economic and financial crisis-containment plan set aside resources totaling in aggregate approximately €27.3 billion for the 2008-2011 four-year period (€2.7 billion in 2008, €11.4 billion in 2009, €7.5 billion in 2010 and €5.8 billion in 2011), or 1.8 per cent of 2008 GDP.

Real GDP and Expenditures

The following table sets forth information relating to real GDP and expenditures for the periods indicated.

Real GDP and Expenditures(1)


	2004		2005		2006		2007		2008
	(Euro in millions)

Real GDP		1,236,671		1,244,782		1,270,126		1,289,988		1,276,578
Add: Imports of goods and services		334,493		341,457		361,750		375,356		358,481
of which
Goods		269,310		273,071		287,855		294,900		278,981
Services		65,192		68,392		73,934		80,814		80,134
Total supply of goods and services		1,570,405		1,585,131		1,630,192		1,663,642		1,633,337
Less: Exports of goods and services		330,083		333,695		354,447		370,773		357,173

of which
Goods		268,943		270,778		286,192		300,251		289,115
Services		61,165		62,886		68,178		70,439		67,982

Total goods and services available for domestic expenditure(1)		1,240,322		1,251,436		1,275,745		1,292,869		1,276,164

Domestic expenditure
Private sector consumption		728,266		736,629		745,774		754,596		747,955
Public sector consumption		248,281		253,023		254,328		256,926		258,587

Total domestic consumption		976,649		989,781		1,000,194		1,011,607		1,006,657
Gross fixed investment		260,444		262,559		270,257		275,732		267,571

Total domestic expenditures(1)		1,237,093		1,252,340		1,270,451		1,287,339		1,274,228


(1)		In connection with ISTAT’s revisions to the national accounting system implemented in December 2005, ISTAT replaced its methodology for calculating real growth, which was based on a fixed base index, with a methodology linking real growth between consecutive time periods, or a chain-linked index. One of the effects of using chain indices is that component measures no longer aggregate to totals. Also, as a result of this change in methodology, all “real” revenue and expenditure figures included in this document differ from and are not comparable to data published in earlier documents filed by Italy with the United States Securities and Exchange Commission prior to the filing of the Republic’s annual report for the fiscal year ended December 31, 2005.

Source: Annual Report of the Bank of Italy (May 2009) for the year ended December 31, 2008.

Selected Balance of Payments Indicators

The following table shows the balance of payments for the periods indicated.

Selected Balance of Payments Indicators


	2004			2005			2006			2007			2008
	(Euro in millions)

Current Account		(13,077	)		(23,647	)		(38,346	)		(37,712	)		(53,597	)
Capital Account		1,700			1,347			1,826			2,258			825
Financial Account		9,024			20,898			25,404			26,212			49,553
Errors and omissions		2,353			1,402			11,116			9,242			3,219

Source: Annual Report of the Bank of Italy (May 2009) for the year ended December 31, 2008.

The deterioration of Italy’s current account in 2008 is mainly attributable to an income deficit of €29.5 billion, compared to a deficit of €19.6 billion recorded in 2007, the negative trend of Italy’s visible trade, which recorded a deficit of €0.7 billion in 2008 compared to a surplus of €3.2 billion in 2007, and the increase in the current transfers deficit from €14.2 billion in 2007 to €16.0 billion in 2008.

The decrease in Italy’s capital account recorded in 2008 was mainly due to the decrease in current transfers surplus from €2.3 billion in 2007 to €0.8 billion in 2008.

The increase in financial account surplus was mainly attributable to a substantial increase in portfolio investment surplus, from €18.1 billion recorded in 2007 to €118.5 billion in 2008 and a reduction of direct investment deficit from €37.0 billion recorded in 2007 to €18.3 billion in 2008, partially offset by a deficit of €51.8 billion in other investments recorded in 2008, from a €46.2 billion surplus recorded in 2007. The increase recorded in portfolio investment surplus was driven by the global financial crisis, which resulted in a €90.0 billion reduction in the value of non-Italian equity securities held by Italian investors in 2008, compared to an €11.0 billion reduction in 2007, and an increase of non-residents’ investment in Italian debt securities, from €30.1 billion in 2007 to €61.4 billion in 2008.

Public Finance

The following table sets forth general government revenues and expenditures and certain other key public finance measures for the five years ended December 31, 2008. The table does not include revenues from privatizations, which are deposited into a special fund for the repayment of Treasury outstanding securities and cannot be used to finance current expenditures. While proceeds from privatizations do not affect the primary balance, they contribute to a decrease in the public debt and consequently the ratio of public debt-to-GDP.

General Government Revenues and Expenditures


	2004(1)			2005			2006			2007			2008
	(Euro in millions)

Expenditures
Current expenditures		612,820			634,731			655,758			684,905			715,896
of which
Total consumption		262,854			275,365			282,223			286,931			299,602
of which
Wages and salaries		149,866			156,542			163,220			164,071			171,160
Cost of goods and services		112,988			118,823			119,003			122,860			128,442
Interest expense		65,769			66,065			68,578			77,215			80,891
Social services		234,701			242,345			252,176			264,483			278,008
Other current expenditures		49,496			50,956			52,781			56,276			57,395
of which
Production grants		14,328			12,910			13,070			14,913			14,237
Capital expenditures		54,979			58,668			74,545			62,890			59,027
of which
Investments(2)		33,426			33,711			34,690			35,969			34,973
Investment grants		20,071			22,279			22,601			25,045			23,077
Other capital expenditures		1,482			2,678			17,254			1,876			977

Total Expenditures		667,799			693,399			730,303			747,795			774,923
as a percentage of GDP		48.0	%		48.5	%		49.2	%		48.4	%		49.3	%
Revenues
Current revenues		607,047			625,682			676,608			720,017			728,383
of which
Tax revenues		380,833			392,551			434,180			460,385			456,946
of which
Direct taxes		185,378			189,815			213,867			233,229			241,427
Indirect taxes		195,455			202,736			220,313			227,156			215,519
Social security contributions		175,968			183,445			189,691			205,299			214,718
Revenues from capital		7,611			8,045			9,694			9,675			9,390
Other current revenues		42,635			41,641			43,043			44,658			47,329
Capital revenues		12,180			6,285			4,383			4,553			3,561
Total revenues		619,227			631,967			680,991			724,570			731,944
as a percentage of GDP		44.5	%		44.2	%		45.8	%		46.9	%		46.6	%
Current surplus/(deficit)		(5,773	)		(9,049	)		20,850			35,112			12,487
as a percentage of GDP		(0.4	)%		(0.6	)%		1.4	%		2.3	%		0.8	%
Net borrowing		48,572			61,432			49,312			23,225			42,979
as a percentage of GDP		3.5	%		4.3	%		3.3	%		1.5	%		2.7	%
Primary balance		17,197			4,633			19,266			53,990			37,912
as a percentage of GDP		1.2	%		0.3	%		1.3	%		3.5	%		2.4	%
GDP (nominal value)		1,391,530			1,429,479			1,485,377			1,544,915			1,572,243


(1)		Eurostat published in July 2002 a decision relating to the methods of accounting for securitizations. Pursuant to the Eurostat decision, Italy is required to account for receipts, aggregating approximately €6.7 billion, from certain real estate and state lottery proceeds securitizations transactions, which took place in 2001, in the three-year period 2002-2004 and not in 2001. The general government revenues and expenditures figures presented in the table above take into account the effects of the Eurostat decision.

(2)		Includes revenues from the disposal of state-owned real estate (deducted from capital expenditures) for the year 2004 (€4.5 billion), 2005 (3.2 billion), 2006 (€1.7 billion), 2007 (€1.4 billion) and 2008 (€1.3 billion).

Source: Annual Report of the Bank of Italy (May 2009) for the year ended December 31, 2008.

General government expenditures and revenues have increased in each of the last five years. General government expenditures rose by 3.6 per cent in 2008, compared to 2.4 per cent in 2007. The increase in total expenditures was mainly driven by the increase in expense for social services, wages and salaries and cost of goods and services, the effect of which was offset partially by a decrease in capital expenditures. Social services expense increased in 2008 as a result of a 4.2 per cent increase in pension expenditure, compared to a 4.0 per cent increase in 2007. Pension expenditure in Italy represented 15.6 per cent of GDP in 2008 compared to 15.2 per cent in 2007. The increase in social services expense also resulted from a 12.1 per cent increase in expenditures for other social services (such as disability and unemployment benefits) compared to 12.7 per cent in 2007. Wages and salaries increased in 2008 principally as a result of the renegotiation and subsequent renewal of collective bargaining agreements for public health care employees and non-management employees of Regional governments and other local entities.

General government revenue increased by 1.0 per cent in 2008 compared to 6.4 per cent in 2007. The slower growth in government revenue during 2008 is mainly attributable to a 5.4 per cent decrease in revenue from indirect taxes compared to a 4.6 per cent increase in 2007, due to reductions in indirect taxes introduced in 2006 and 2007. The slower growth in government revenue is also due to the growth in direct tax revenue, which slowed down to 3.5 per cent in 2008 from 9.1 per cent in 2007, principally due to slower growth in taxable revenue generated by taxpayers due to the global economic and financial crisis that started in 2008. Similarly and for the same reasons, growth in social security contributions decreased to 4.6 per cent in 2008 from 8.2 per cent increase in 2007.

In July 2009, the Government finalized and presented to Parliament its 2010-2013 Program Document. The following table shows Italy’s principal public finance targets for the years indicated, as well as the gross domestic product assumptions underlying the Program Document. The inflation rate and unemployment rate assumptions are 0.9 per cent and 8.8 per cent, respectively.

2010-2013 Program Document Objectives


	2008			2009			2010		2011		2012		2013

GDP (% real growth rate)		(1.0	)		(5.2	)		0.5		2.0		2.0		2.0
Net borrowing, as a percentage of GDP		2.7			5.3			5.0		4.0		2.9		2.4
Primary balance, as a percentage of GDP		2.4			(0.4	)		0.2		1.5		2.9		3.5
Public debt, as a percentage of GDP		105.7			115.3			118.2		118.0		116.5		114.1
Structural net borrowing (budget surplus), as a percentage of GDP		3.4			3.1			2.8		2.5		2.1		2.2

Source: 2010-2013 Program Document.

The objectives and forecasts set forth in the Program Document are based on assumptions relating to future economic developments, including international economic trends, and may therefore not be realized.

Composition of Tax Revenues

The following table sets forth the composition of tax revenues for each of the five fiscal years ended December 31, 2008 based on State sector (cash basis) accounting criteria. Direct and indirect tax revenues reflected in this table do not correspond to those shown in the “General Government Revenues and Expenditures” table set forth above, which is prepared on general Government (accrual basis) ESA95 accounting criteria as explained in further detail in footnote 1 to the table.

Composition of Tax Revenues(1)


	2004		2005		2006		2007		2008
	(Millions of euro)

Direct taxes
Personal income tax		127,689		132,663		142,062		150,130		158,262
Corporate income tax		28,073		33,699		39,475		50,520		45,812
Investment income tax		7,914		8,882		12,193		13,696		14,254
Other(2)		18,640		4,368		9,655		4,818		7,829
Total direct taxes		182,316		179,612		203,385		219,164		226,157

Indirect taxes
VAT		100,051		105,008		114,166		119,239		117,444
Other transaction-based taxes		18,176		18,054		20,395		17,305		21,399
Production taxes		24,906		26,615		26,690		25,645		24,085
Tax on State monopolies		8,502		8,511		9,349		9,785		9,904
National Lottery		14,658		12,364		10,191		11,800		11,346
Others		3,167		2,144		2,251		2,041		2,068
Total indirect taxes		169,460		172,696		183,042		185,815		186,246

Total taxes		351,776		352,308		386,427		404,979		412,403


(1)		The data presented in this table does not correspond to the general Government direct and indirect tax revenue figures contained in the preceding table entitled “General Government Revenues and Expenditures,” primarily because this table is prepared on the basis of State sector (cash basis) accounting criteria while the “General Government Revenues and Expenditures” table is prepared on an accrual basis in accordance with ESA95. Generally, State sector accounting does not include indirect taxes levied by, and certain amounts allocable to, regional and other local governments and entities. However, because this table is prepared on a cash basis, it reflects tax receipts of entities that are excluded from State sector accounting (such as local government entities) that are collected on their behalf by the State (and subsequently transferred by the State to those entities).

(2)		The taxes classified as “other” are non-recurring and, accordingly, this item is highly variable.

Source: Annual Report of the Bank of Italy (May 2009) for the year ended December 31, 2008.

In 2008, direct tax receipts increased by 3.2 per cent compared to 2007, mainly as a result of a rise in personal income tax and other taxes, partially off-set by a reduction in corporate income tax. Indirect taxes include VAT, excise duties, stamp duties and other taxes levied on expenditures. During 2008, indirect tax receipts (accounted for on a cash basis) recorded a slight increase, approximately 0.2 per cent, mainly as a result of an increase in other transaction based taxes, partially offset by a decrease in receipts from VAT and production taxes. On an accrual basis, instead, revenue from indirect taxes decreased as described under “Public Finance — General Government Revenue and Expenditures”.

Public Debt — Total Treasury Issues

The following table shows the total of debt securities issued by the Treasury and outstanding as of the dates indicated. Total Treasury issues differ from Italy’s total public debt as the former do not include liabilities to holders of postal savings accounts, debt incurred by Ferrovie dello Stato S.p.A., ANAS (Azienda Nazionale per le Strade) and Infrastrutture S.p.A. (ISPA) and debt incurred by other state sector entities and other general government entities, other general government entities and other liabilities reclassified as general Government debt pursuant to Eurostat rulings.


	December 31, 2008		June 30, 2009
	(Millions of euro)

Short term bonds (BOT)		147,753		175,050
Medium and long term bonds (initially issued in Italy)		1,137,870		1,189,738
External bonds (initially issued outside Italy)(1)		60,342		61,394

Total Treasury issues		1,345,964		1,426,182


(1)		Italy often enters into currency swap agreements in the ordinary course of the management of its debt. The total amount of external bonds shown above takes into account the effect of these arrangements and is not directly comparable to the total amounts of external bonds indicated in the table “External Bonds of the Treasury as of June 30, 2009” below, which do not take into account: (i) the effect of currency swaps and (ii) the amount of debt outstanding under Italy’s Commercial Paper Program.

Source: Ministry of Economy and Finance

The following table shows the external bonds of the Treasury issued and outstanding as of June 30, 2009.

External Bonds of the Treasury as of June 30, 2009


		Initial Public					Original		Principal
		Offering					Principal		Amount		Equivalent
Title	Interest Rate (%)	Price			Date of Issue	Maturity Date	Amount		Outstanding		in Euro

United States Dollar(1)
$3,500,000,000	6.875%		98.725	%	September 27, 1993	September 27, 2023		3,500,000,000		3,500,000,000		2,476,298,288
$1,500,000,000	6.025% - 6.88%		100.00	%	March 5, 1996	March 5, 2004/12		1,500,000,000		1,500,000,000		1,061,270,695
$750,000,000	5.81% - 6,70%		100.00	%	March 5, 1996	March 5, 2002/10		750,000,000		750,000,000		530,635,347
$1,500,000,000	5.97% - 6.25%		100.00	%	December 20, 1996	December 20, 2004/12		1,500,000,000		1,500,000,000		1,061,270,695
$2,000,000,000	6.00%		99.274	%	February 22, 2001	February 22, 2011		2,000,000,000		2,000,000,000		1,415,027,593
$2,000,000,000	5.625%		99.893	%	March 1, 2002	June 15, 2012		2,000,000,000		2,000,000,000		1,415,027,593
$1,000,000,000	5.625%		99.392	%	May 8, 2002	June 15, 2012		1,000,000,000		1,000,000,000		707,513,797
$2,000,000,000	5.375%		98.436	%	February 27, 2003	June 15, 2033		2,000,000,000		2,000,000,000		1,415,027,593
$2,000,000,000	4.375%		99.694	%	February 27, 2003	June 15, 2013		2,000,000,000		2,000,000,000		1,415,027,593
$100,000,000	4.17%		100.00	%	November 14, 2003	November 15, 2010		100,000,000		100,000,000		70,751,380
$100,000,000	4.06%		100.00	%	December 9, 2003	December 9, 2010		100,000,000		100,000,000		70,751,380
$4,000,000,000	4.50%		99.411	%	January 21, 2005	January 21, 2015		4,000,000,000		4,000,000,000		2,830,055,186
$2,000,000,000	4.75%		99.34	%	January 25, 2006	January 25, 2016		2,000,000,000		2,000,000,000		1,415,027,593
$3,000,000,000	5.25%		99.85	%	September 20, 2006	September 20, 2016		3,000,000,000		3,000,000,000		2,122,541,390
$2,000,000,000	5.375%		99.37	%	June 12, 2007	June 12, 2017		2,000,000,000		2,000,000,000		1,415,027,593
$2,500,000,000	3.500%		99.69	%	June 4, 2008	July 15, 2011		2,500,000,000		2,500,000,000		1,768,784,491

										29,950,000,000		21,190,038,206
Euro(2)
€2,500,000,000	9.25%		98.160	%	March 7, 1991	March 7, 2011		2,500,000,000		2,500,000,000		2,500,000,000
€1,022,583,762	3 mth libor + 0.0625%		99.89	%	December 11, 1995	December 20, 2002/10		1,022,583,762		1,022,583,762		1,022,583,762
€567,225,000	6.13%		100.790	%	May 29, 1997	May 29, 2012		567,225,000		567,225,000		567,225,000
€60,000,000	3 mth libor - 16 b.p.		99.610	%	October 8, 1998	October 8, 2018		60,000,000		60,000,000		60,000,000
€300,000,000	Index linked		101.425	%	October 15, 1998	October 15, 2018		300,000,000		300,000,000		300,000,000
€1,000,000,000	4.000%		99.95	%	May 6, 1999	May 6, 2019		1,000,000,000		1,000,000,000		1,000,000,000
€1,000,000,000	frn 30Y		101.60	%	June 28, 1999	June 28, 2029		1,000,000,000		905,000,000		905,000,000
€1,000,000,000	t.swap 30 - 0.91%		100.75	%	August 30, 1999	August 30, 2019		1,000,000,000		1,000,000,000		1,000,000,000
€150,000,000	Zero Coupon		100.00	%	February 20, 2001	February 20, 2031		150,000,000		150,000,000		150,000,000
€3,000,000,000	5.75%		100.04	%	July 25, 2001	July 25, 2016		3,000,000,000		3,000,000,000		3,000,000,000


		Initial Public					Original		Principal
		Offering					Principal		Amount		Equivalent
Title	Interest Rate (%)	Price			Date of Issue	Maturity Date	Amount		Outstanding		in Euro

€400,000,000	3 mth libor - 0.06%		100.00	%	January 22, 2002	January 22, 2012		400,000,000		400,000,000		400,000,000
€150,000,000	84.5% cms 10Y		100.00	%	April 26, 2004	April 26, 2019		150,000,000		150,000,000		150,000,000
€300,000,000	12 mth eubor + 0.10%		100.00	%	May 31, 2005	May 31, 2035		300,000,000		300,000,000		300,000,000
€720,000,000	3.546% until 2009		100.00	%	June 2, 2005	June 2, 2029		720,000,000		720,000,000		720,000,000
€395,000,000	3.523% until 2010		100.00	%	June 2, 2005	June 2, 2030		395,000,000		395,000,000		395,000,000
€200,000,000	85% * 10y Eurswap		100.00	%	June 8, 2005	June 8, 2020		200,000,000		200,000,000		200,000,000
€2,500,000,000	85% * 10y swap rate		100.00	%	June 15, 2005	June 15, 2020		2,500,000,000		2,500,000,000		2,500,000,000
€300,000,000	85.5% * 10y swap rate		100.00	%	June 28, 2005	June 28, 2021		300,000,000		300,000,000		300,000,000
€200,000,000	6 mth Eubor + 1.5% (max 10x(cms10-cms2)		100.00	%	November 9, 2005	November 9, 2025		200,000,000		200,000,000		200,000,000
€900,000,000	6 mth Eubor + 0.04%		99.38357	%	March 17, 2006	March 17, 2021		900,000,000		900,000,000		900,000,000
€1,000,000,000	6 mth Eubor + 0.60%		99.85	%	March 22, 2006	March 22, 2018		1,000,000,000		1,000,000,000		1,000,000,000
€192,000,000	Zero Coupon		100.00	%	March 28, 2006	March 28, 2036		192,000,000		192,000,000		192,000,000
€300,000,000	6 mth Eubor + 0.075%		100.00	%	March 30, 2006	March 30, 2026		300,000,000		300,000,000		300,000,000
€215,000,000	5.07%/ 10y cms		100.00	%	May 11, 2006	May 11, 2026		215,000,000		215,000,000		215,000,000
€1,000,000,000	1.85% linked to EU inflation index		99.796065	%	January 5, 2007	September 15, 2057		1,000,000,000		1,055,000,000		1,055,000,000
€250,000,000	2.00% linked to EU inflation index		99.02385	%	March 30, 2007	September 15, 2062		250,000,000		264,000,000		264,000,000
€160,000,000	4.49%		99.86	%	April 5, 2007	April 5, 2027		160,000,000		160,000,000		160,000,000
€500,000,000	2.20% linked to EU inflation index		98.862525	%	January 23, 2008	September 15, 2058		500,000,000		518,000,000		518,000,000
€258,000,000	5.26%		99.79	%	March 16, 2009	March 16, 2026	€	258,000,000	€	258,000,000	€	258,000,000
€300,000,000	3.00%		99.733	%	May 29, 2009	November 29, 2013		300,000,000		300,000,000		300,000,000

										20,831,808,762		20,831,808,762
Swiss Francs(3)
ChF 1,500,000,000	3.125%		99.825	%	January 15, 1999	July 15, 2010		1,500,000,000		1,500,000,000		982,640,026
ChF 1,000,000,000	2.75%		100.625	%	July 1, 2004	July 1, 2011		1,000,000,000		1,000,000,000		655,093,351
ChF 2,000,000,000	2.50%		100.09	%	February 2, 2005	March 2, 2015		2,000,000,000		2,000,000,000		1,310,186,702
ChF 1,000,000,000	2.50%		99.336	%	January 30, 2006	January 30, 2018		1,000,000,000		1,000,000,000		655,093,351

										5,500,000,000		3,603,013,429
Pounds Sterling(4)
£400,000,000	10.50%		100.875	%	April 28, 1989	April 30, 2014		400,000,000		400,000,000		469,428,471
£1,500,000,000	6.00%		98.565	%	August 4, 1998	August 4, 2028		1,500,000,000		1,500,000,000		1,760,356,766
£250,000,000	5.25%		99.476	%	July 29, 2004	December 7, 2034		250,000,000		250,000,000		293,392,794

										2,150,000,000		2,523,178,031
Norwegian Kroners(5)
NOK 2,000,000,000	6.15%		100.00	%	September 25, 2002	September 25, 2012		2,000,000,000		2,000,000,000		221,778,665
NOK 2,000,000,000	4.34%		100.00	%	June 23, 2003	June 23, 2015		2,000,000,000		2,000,000,000		221,778,665

										4,000,000,000		443,557,330
Japanese Yen(6)
¥125,000,000,000	5.50%		100.00	%	December 15, 1994	December 15, 2014		125,000,000,000		125,000,000,000		922,441,148
¥125,000,000,000	4.50%		100.00	%	June 8, 1995	June 8, 2015		125,000,000,000		125,000,000,000		922,441,148
¥100,000,000,000	3.70%		100.00	%	November 14, 1996	November 14, 2016		100,000,000,000		100,000,000,000		737,952,919
¥100,000,000,000	3.450%		99.80	%	March 24, 1997	March 24, 2017		100,000,000,000		100,000,000,000		737,952,919
¥100,000,000,000	1.80%		99.882	%	February 23, 2000	February 23, 2010		100,000,000,000		100,000,000,000		737,952,919
¥25,000,000,000	2.87%		100.00	%	May 18, 2006	May 18, 2036		25,000,000,000		25,000,000,000		184,488,230
¥50,000,000,000	3 month JPY libor		100.00	%	April 24, 2008	April 24, 2018		50,000,000,000		50,000,000,000		368,976,459

										625,000,000,000		4,612,205,741
Czech Koruna(7)
CZK 2,490,000,000	4.36%		100.00	%	October 3, 2007	October 3, 2017		2,490,000,000		2,490,000,000		96,205,857
CZK 2,490,000,000	4.40%		100.00	%	October 3, 2007	October 3, 2019		2,490,000,000		2,490,000,000		96,205,857
CZK 2,490,000,000	4.41%		100.00	%	October 3, 2007	October 3, 2019		2,490,000,000		2,490,000,000		96,205,857

										7,470,000,000		288,617,572

TOTAL OUTSTANDING												53,492,419,071	(8)


(1)		U.S. dollar amounts have been converted into euro at $1.4134/€1.00, the exchange rate prevailing at June 30, 2009.

(2)		External debt denominated in currencies of countries that have adopted the euro have been converted into euro at the fixed rate at which those currencies were converted into euro upon their issuing countries becoming members of the European Monetary Union.

(3)		Swiss Franc amounts have been converted into euro at ChF1.5265/€1.00, the exchange rate prevailing at June 30, 2009.

(4)		Pounds Sterling amounts have been converted into euro at £0.8521/€1.00, the exchange rate prevailing at June 30, 2009.

(5)		Norwegian Kroner amounts have been converted into euro at NOK9.018/€1.00, the exchange rate prevailing at June 30, 2009.

(6)		Japanese Yen amounts have been converted into euro at ¥135.51/€1.00, the exchange rate prevailing at June 30, 2009.

(7)		Czech Koruna amounts have been converted into euro at CZK25.882/€1.00, the exchange rate prevailing at June 30, 2009.

(8)		The amount of external bonds shown above does not take into account (i) approximately €3,480 million outstanding under Italy’s Commercial Paper Program and (ii) the effect of currency swaps that Italy often enters into in the ordinary course of the management of its debt. The following table summarizes the effects on the Treasury’s external bonds after giving effect to currency swaps.


	As of June 30, 2009
Currency	Before Swap			After Swap

US Dollars		39.61	%		2.75	%
Euro		38.94	%		97.25	%
Swiss Francs		6.74	%		—
Pounds Sterling		4.72	%		—
Norwegian Kroner		0.83	%		—
Japanese Yen		8.62	%		—
Czech Koruna		0.54	%		—

Total External Bonds (in millions of Euro)		53,492.4			57,914.9

Source: Ministry of Economy and Finance.