Whistle-blower calls for ban on local government derivatives use

Italian academic Gustavo Piga, who first identified the deceptive use of derivatives by one European state in 2001, believes local governments should be banned from using derivatives products.

Local governments cannot be trusted to use derivatives safely – recent events, such as the eruption of Italian disputes, show the risk is too great, according to Italian economist Gustavo Piga.

Piga, a professor at the University of Rome, was the author of a 2001 report that first highlighted the use of derivatives by European governments ito conceal the true size of their debts and deficits in the run-up to the launch of the single European currency. He told Risk: "I would suggest national

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net 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 individual account here