The Validity of Public Debt Policies

The state must answer for its financial interventions especially when it uses the sovereign institute of public credit. Guaranteeing public finances and their extemporaneous taxation means republicanly maintaining national credit security and the morality of the public authorities. The Principle of Morality which informs every activity of the Public Administration requires it to conduct itself in a proficient and honest manner always with the aim of realising a public purpose following paths that are necessary and useful for achieving its objectives. The state must have an interest in preserving public credit whether national or international because sooner or later it will need to use it again. Since the Revolution of 1964 the priority position in government action has been to strengthen Public Credit and the government bond market since using these instruments would make it possible to carry out programmes that are essential to the country's development. So there was no escaping the payment of Public Debt Policies.