Italian public finance at two speeds and in opposite directions: deep red for state accounts; municipalities, provinces and regions with virtuous budgets. While local and regional governments managed to reduce the "hole" in their budgets by €7.1 billion between September 2022 and September 2024, the central government's financial performance worsened conspicuously in the same time frame, with the "red" growing by as much as €228.7 billion. Over the past 24 months, Italy's public debt has followed two opposite trajectories in the different levels of the public administration. On the one hand, the central government has seen its debt increase by 8.6%, from €2,669.7 billion to €2,898.4 billion. On the other, regions, provinces, and municipalities reduced their debt by 6.1 percent, falling from €117.5 billion to €110.4 billion. This is according to a report by the Unimpresa Study Center, which examines the performance of state and local finances over the past two years. Looking in detail at the "healthy" sectors of the public administration, the results for the regions stand out first: from €39.38 billion in September 2022, the budget deficit fell by €2.12 billion (-5.4%) to 37.25 billion in September 2024 with an average monthly savings of €88 million. Good account performance for provinces as well: from €5.72 billion in 2022, the debt dropped to €5.37 billion, a reduction of 343 million (-6.0%), representing an average monthly savings of €14 million. The "red" of municipalities, then, decreased by 6.6%, dropping from €33.04 billion to €30.88 billion, a reduction of €2.16 billion.