As Italy’s Deep State Comes for Giorgia Meloni, the Doughty Prime Minister Eyes a Queen’s Gambit

A possible debt downgrade looms while the permanent unelected political establishment tries to overturn the results of the last election.

Marcelo del Pozo/Getty Images
The prime minister of Italy, Giorgia Meloni, on October 5, 2023, at Granada, Spain. Marcelo del Pozo/Getty Images

With bond rating agencies slated to issue their credit assessments of Italy in the coming weeks, the fear is that the country’s debt could fall into the junk bond category. This would be a major blow to Prime Minister Meloni. It also raises concerns that her opponents — a kind of Deep State, Italian Style — will use a downgrade as a pretext for a technocratic power grab.

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