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.
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