Report casts doubt on how Italy qualified for euro

ITALY - The government of a European Union country - understood to be Italy - used the derivatives market to camouflage the true size of its budget deficit so that it could be admitted to the European single currency, according to a report.

The International Securities Market Association (Isma), the self-regulatory organisation, says in a report to be published today that it has uncovered evidence of a swaps contract in 1997 undertaken to manipulate government data.

Isma raises concerns that the

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