Italy risks potential losses of billions of euros on derivatives contracts it restructured at the height of the
eurozone crisis, according to a confidential report by the Rome Treasury that sheds more light on the financial tactics that enabled the debt-laden country to enter the euro in 1999.
A 29-page report by the Treasury, obtained by the Financial Times, details Italys debt transactions and exposure in the first half of 2012, including the restructuring of eight derivatives contracts with foreign banks with a total notional value of 31.7bn.