Still a relatively new asset class, government-related securitizations in Europe have accumulated only a spotted history since the first transaction launched in 1999, with just over EURO12 billion in volume to date; however, in the coming months the Italian Treasury alone is ready to match that volume, starting with a planned EURO10 billion securitization program.

In fact, analysts contend that government-initiated transactions - considered to be effective and efficient methods of addressing issues of debt relief and budget reduction in many countries - are now so integral to the economy that they may be the driver for expedited changes in several securitization laws.

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