The Republic of Italy is one of the Euromarket's most respected borrowers, but that has not always been the case. When Alberto Giovannini took over Italy's debt management in 1992, its finances were in chaos. Giovannini is credited with turning the republic's position around and re-establishing its standing in the capital markets.
As a key figure in reshaping the country's debt profile during the critical period of the early 90s, he brought the country's cost of domestic funding in line with its international levels, which saved the Italian government and tax payers millions, and set in place a calendar for government issuance to reduce volatility in the debt market.
He led the Republic of Italy's $9bn exchange in 1993, introducing desperately needed liquidity into the country's debt, and brought Italy to the global market for the first time that same year.
Giovannini now runs Uni-fortune SGR, an asset management company in Milan, and is chairman of the Consultative Group on the Impact of the Euro on European Capital markets (the so-called Giovannini Group).