Prosecutors open probe on derivatives

Nobody currently under investigation

Prosecutors open probe on derivatives

Rome, June 26 - Prosecutors in Rome on Wednesday opened an investigation into press reports claiming Italy risked losing billions of euros on derivative contracts restructured last year. Nobody is currently under investigation and the inquiry is reportedly aimed at looking into the allegations and their impact on financial markets and the spread. The Financial Times on Wednesday ran an article claiming that the losses could come from the restructuring of eight derivatives contracts with foreign banks worth an overall 31.7 billion euros that was documented in a Treasury report to the State Audit Court. Economy Minister Fabrizio Saccomanni said Wednesday the report was the result of a ''misunderstanding'' and ''there is no loss''. The inquiry opened Wednesday will be carried out by tax police in cooperation with the State Audit Court.

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