Italy denies tricks to qualify for euro

ITALY - Italy on Monday denied a report that it had used complicated derivatives to hide the true size of its 1997 budget deficit to qualify for membership of the euro currency.

The report, by the International Securities Market Association (ISMA), was cited in the Financial Times and Wall Street Journal newspapers on Monday.

An Italian Economy Ministry source denied the report, saying that any such window dressing of the deficit numbers would have become apparent in the following years. In fac