18-K/A

FORM 18-K/A

Amendment No. 1

For Foreign Governments and Political Subdivisions Thereof

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

ANNUAL REPORT

of

THE REPUBLIC OF ITALY

(Name of Registrant)

Date of end of last fiscal year: December 31, 2009

SECURITIES REGISTERED*
(As of close of the fiscal year)

	Amounts as to which
	registration is	Names of exchanges on which
Title of Issues	effective	registered
N/A*	N/A	N/A

Name and address of Authorized Agent of the Registrant in the United States to receive notices and communications from the Securities and Exchange Commission:

THE HONORABLE GIULIO TERZI DI SANT’AGATA
Italian Ambassador to the United States
3000 Whitehaven Street, N.W.
Washington, D.C. 20008

It is requested that copies of notices and communications from the Securities and Exchange
Commission be sent to:

Andrea Bisconti, Esq.
Studio Legale Bisconti
Via A. Salandra, 18
00187 Rome
Italy

• The Republic of Italy files Annual Reports on Form 18-K voluntarily in order for The Republic of Italy to incorporate such Annual Reports into its shelf registration statements.

TABLE OF CONTENTS

EX-1

TABLE OF CONTENTS

This amendment to the annual report of the Republic of Italy on Form 18-K comprises:

(a) Pages numbered (i) to (iii) consecutively.

(b)	The following exhibits:
	Exhibit (1): Amendment dated March 11, 2011.

This amendment to the annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.

SIGNATURE

     Pursuant to the requirements of the United States Securities Exchange Act of 1934, the registrant Republic of Italy has duly caused this Amendment No. 1 to its annual report on Form 18-K for the fiscal year ended December 31, 2009, to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rome, Italy on March 11, 2011.

REPUBLIC OF ITALY
By:	/s/ Maria Cannata
	Name:	Dott.ssa Maria Cannata
	Title:	Director General — Treasury Department — Directorate II Ministry of Economy and Finance

ii

EXHIBIT INDEX

Exhibit	Description
(1)	Amendment dated March 11, 2011.

iii

EX-1

Exhibit 1

Amendment dated March 11, 2011

Explanatory Note

          The information included herein replaces certain specified information about the Republic of Italy contained in Exhibit 1, Description of The Republic of Italy (the “Original Exhibit”), to the Republic’s Annual Report on Form 18-K for the fiscal year ended December 31, 2009. To the extent that the information included herein differs from the information set forth in the Original Exhibit, you should rely on the information included herein.

Summary Information — 2010 Developments

          At page 8 of the Original Exhibit, the phrases “Consumer prices, as measured by the harmonized EU consumer price index, increased at an annual rate of 1.5 per cent during the twelve months ended December 31, 2009, compared to a 2.4 per cent increase during the twelve months ended December 31, 2008. Consumer prices, as measured by the harmonized EU consumer price index, increased at an annual rate of 1.9 per cent during the twelve months ended December 31, 2010” are replaced in their entirety by “Consumer prices, as measured by the harmonized EU consumer price index (HICP), increased at an annual rate of 0.8 per cent during the twelve months ended December 31, 2009, compared to a 3.5 per cent increase during the twelve months ended December 31, 2008. The HICP index increased at an annual rate of 1.6 per cent during the twelve months ended December 31, 2010”.

The Italian Economy — 2010 Developments

          At page 19 of the Original Exhibit, the phrase “Consumer prices, as measured by the harmonized EU consumer price index, increased at an annual rate of 1.5 per cent during the twelve months ended December 31, 2009, compared to a 2.4 per cent increase during the twelve months ended December 31, 2008” is replaced in its entirety by “Consumer prices, as measured by the harmonized EU consumer price index (HICP), increased at an annual rate of 0.8 per cent during the twelve months ended December 31, 2009, compared to a 3.5 per cent increase during the twelve months ended December 31, 2008. The HICP index increased at an annual rate of 1.6 per cent during the twelve months ended December 31, 2010”.

Monetary System — Credit Allocation

          At page 50 of the Original Exhibit, the phrase “During 2008, lending activity decreased to -0.7 per cent, from a 5.8 per cent growth in 2008” is replaced in its entirety by “During 2009, lending activity decreased by 0.7 per cent, compared to a 5.8 per cent growth in 2008”.

The External Sector of the Economy — Foreign Trade

          At page 52 of the Original Exhibit, the “Foreign Trade” table is replaced in its entirety by the following table.

Foreign Trade

	2007			2008			2009
	(euro in millions)
Exports (fob)
Agriculture, forestry and fishing		4,992			5,354			4,555
Extractive industries		1,312			1,707			1,061
Manufactured products		348,383			350,599			277,091
Food, beverage and tobacco products		19,166			20,907			19,967
Textiles, leather products, clothing, accessories		42,308			40,912			33,127
Wood, wood products, paper, printing		7,341			7,136			6,167
Coke and refined oil products		13,142			15,440			9,389
Chemical substances and products		22,341			22,217			17,858
Pharmaceutical, chemical-medical, botanical products		11,986			11,938			12,281
Rubber, plastic, non-metallic mineral products		23,279			22,435			18,143
Base metal, metal (non-machine) products		44,465			45,342			32,239
Computers, electronic and optical devices		12,396			11,355			9,591
Electrical equipment		21,780			21,839			17,183
Machines and other non-classified products		68,776			71,024			55,035
Transportation means		39,962			39,422			29,525
Products from other manufacturing activities		21,441			20,633			16,586
Electrical energy, gas, steam, air conditioning		113			366			437
Products from waste treatment and recycling		1,115			1,134			856
Other products		8,829			9,856			7,548
Total exports		364,744			369,016			291,549
Imports (cif)
Agriculture, forestry and fishing		10,409			10,874			9,609
Extractive industries		54,252			68,882			44,865
Manufactured products		295,226			287,887			230,432
Food, beverage and tobacco products		23,495			24,343			22,601
Textiles, leather products, clothing, accessories		25,524			24,718			21,846
Wood, wood products, paper, printing		10,810			9,897			7,941
Coke and refined oil products		6,941			8,442			5,751
Chemical substances and products		33,431			32,196			25,788
Pharmaceutical, chemical-medical, botanical products		14,288			14,666			16,254
Rubber, plastic, non-metallic mineral products		11,305			10,999			9,365
Base metal, metal (non-machine) products		47,399			44,407			24,758
Computers, electronic and optical devices		25,687			24,648			22,667
Electrical equipment		12,491			12,689			10,451
Machines and other non-classified products		27,122			26,806			18,909
Transportation means		46,767			44,316			35,176
Products from other manufacturing activities		9,967			9,762			8,885
Electrical energy, gas, steam, air conditioning		2,170			2,284			2,864
Products from waste treatment and recycling		3,617			4,056			2,053
Other products		7,667			8,067			7,102
Total imports		373,340			382,050			296,926
Trade balance		(8,596	)		(13,034	)		(5,377	)

Source: Annual Report of the Bank of Italy (May 2010) for the year ended December 31, 2009.

2

Public Debt — General

          At page 92 of the Original Exhibit, the “Total Treasury Issues” table is replaced in its entirety by the following table.

Total Treasury Issues

	June 30, 2009		Sept 30, 2009		Dec 31, 2009
	(euro in millions)
Short-term bonds (BOT)		175,050		167,976		140,096
Medium-and long-term bonds (initially issued in Italy)		1,189,738		1,241,076		1,236,446
External bonds (initially issued outside Italy)(1)		61,394		59,323		60,058
Total Treasury issues		1,426,182		1,468,375		1,436,599

(1) Italy ordinarily 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 it is not directly comparable to the total amount of external bonds indicated in the table “External Bonds of the Treasury as of December 31, 2009”, which does not take into account: (i) the effect of currency swaps and (ii) the amount of bonds outstanding under Italy’s Commercial Paper Program.

Source: Ministry of Economy and Finance.

3