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 th

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: