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The FLA allowed regional governments access to financing on favourable terms. However, its costs should lead to changes in its design and implementation. Governments that have not accessed the FLA have helped reduce the risk premium, are financed at lower rates than the Treasury and are growing more.
The aim of debt forgiveness should be to reduce excessively high financial costs which may jeopardize the solvency of public administrations or the provision of certain services.
The crises of the last fifteen years have resulted in a sharp increase in regional debt, which has also conditioned its structure. The FLA provided access to financing at a time when the markets were closed on very favourable terms, and has bec…
