Lunedì, 15 Ottobre 2018

Italy risks eight billion in derivatives losses, says FT


Rome, June 26 - Italy risks losing as much as eight
billion euros on derivatives contracts that were restructured at
the height of the eurozone crisis, according to a report by the
Financial Times.
The FT said the losses could stem from the restructuring of
eight derivatives contracts with foreign banks with an overall
value of 31.7 billion euros in the first half of last year
documents in a Treasury report.
The restructuring made it possible for the Italian Treasury
to stagger payments on the contracts over a longer period but at
more disadvantageous terms in some cases.
The original contracts appear to have been stipulated in
the 1990s, the FT said, when the Italian government was trying
to make its national accounts look better by taking upfront
payments from banks in order to meet the deficit targets needed
to be among the first wave of 11 countries that adopted the euro
in 1999.
The report did not say how big the losses could be, but the
FT calculated that they could amount to eight billion after
consulting three independent experts.
If the report is true, the losses will be another headache
for Premier Enrico Letta, who is already struggling to find cash
to fund several policy goals.

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