Whistle-blower calls for ban on local government derivatives use

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

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