Italy's new finance minister said the government could raise up to 20 billion euros a year in public asset sales, and accused the markets of failing to recognise Rome's efforts to bring its finances in order.

Vittorio Grilli, who was appointed just last week, also lashed out at rating agencies, in comments to the Corriere della Sera published Sunday in the wake of the decision by Moody's to downgrade Italian debt.

"The government wants to secure, through a multi-year programme, the sale of public assets for between 15 and 20 billion euros ($18 billion to $25 billion) a year, or one percent of gross domestic product," he said.

He said such a programme could reduce Italy's debt, which is currently approaching two trillion euros or 123 percent of GDP, by 20 percent in five years.

"I would be happy to reduce it to 100%, it would be wonderful. Unfortunately... there are no longer as many saleable assets belonging to the state and public enterprises as there were 20 years ago."

Grilli also said that relations with credit rating agencies had "become difficult", in the wake of the decision by Moody's last week to downgrade Italian debt from A3 to Baa2 -- just two notches above junk-bond status.