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Italy is facing substantial losses on derivatives contracts it restructured at the height of the...

Italy is facing substantial losses on derivatives contracts it restructured at the height of the eurozone crisis in H1 2012. Experts who have viewed a confidential government report - which leaves out crucial details - believe the contracts originate from when Italy was preparing to enter the euro in the late 1990s and calculate the losses at €8B. The suspicion is that the Treasury, whose Director-General at the time was Mario Draghi,  used the instruments to bring the government's budget deficit to below the 3% eurozone requirement.
Comments (3)
  • User 353732
    , contributor
    Comments (4853) | Send Message
     
    The financial deceptions, frauds and transgressions of Big Government and Big Money have converged: the two are inseparable.
    26 Jun 2013, 05:21 AM Reply Like
  • gallagherchu
    , contributor
    Comments (2) | Send Message
     
    It will be interesting to see how Draghi squirms out of this one
    26 Jun 2013, 05:28 AM Reply Like
  • dacama1
    , contributor
    Comments (217) | Send Message
     
    It won't even be brought up.
    26 Jun 2013, 06:48 AM Reply Like
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