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Pescantina, budget deep red Arena: conference organized by dall'Idv Pescantina.
Sunday, December 12 2010 CHRONICLE Page 13 FINANCE. Conference organized dall'Idv on disputed products. 
And the cost of local debt will triple
image ('GONJPG/201012/BASSE/12_13_are_f1_228.jpg' ) Financial derivatives and public finance: the fear is not over. If rates rise, the cost of debt that weighs on the shoulders of local authorities could triple in the next few years. 'Local authorities have been seen give the illusion of being able to close loans blocking rates until maturity and the prospect of saving, "said Vice-President for Members IDV Antonio Borghesi. "It's almost too bad at all, except for banks and brokers that have earned fabulous figures. Only the City of Verona, the figure on which derivatives could affect more than half a billion, plus or minus 2 000 € per capita. " For Caesar
Armellini the financial derivative often became boomerang. "By analyzing the products it turns out that only 10% of cases the local authority has taken advantage of and stay in the party has produced great gains for intermediaries." As for remedies, Armellini recommended to close the positions, even those that are generating revenue for the public body, and judges should be an agreement at high levels through the participation of banks to part of the loss generated by the legislation. Cynthia
Bonfrisco then recalled that the Veneto is the region with the highest density of derivatives, often signed without alternative. "The obligation of emergence in the financial statements taken in 2007 unearthed three national cases: those of Rome, Milan and, in fact, Verona. Ours is an almost comical: for a claim of a toxic product sold to the City by Merrill Lynch, the administration reschedule its debt with this bank, accepting the jurisdiction in case of dispute was that of London, all the necessary consequences. " 
Elio Lannutti (among other president dell'Adusbef) urged the banks to examine their conscience. "The reason why banks have flooded the public and private products? Simple, especially for the pay and benefits, stock options to directors and executives. The former CEO of Unicredit, Alessandro Profumo is about to cash a check for $ 40 million severance pay, when the bank is right to cut 4000 jobs. " Press conference on orgnanizzato dall'Idv Pescantina
Corriere Veneto bet opaque
Veronacomunica, Senator Cynthia Bonfrisco
Verona economy, Consultique Spa Arena, derivative gain only to banks
Arena, the point two years after the crisis The Arena, a convention Consultique
At the end of 2009 there were nearly 500 local authorities in possession of derivatives (about 700 in 2007). It's 13 regions, 28 provinces and 440 municipalities, for a notional amount increased from 100 million in 2000 to around € 33 billion at the end of 2006, with a loss to government of about € 1 billion, about 600 million to the detriment of Commons 400 to 100 for the regions and provinces. 
Elio Lannutti (among other president dell'Adusbef) urged the banks to examine their conscience. "The reason why banks have flooded the public and private products? Simple, especially for the pay and benefits, stock options to directors and executives. The former CEO of Unicredit, Alessandro Profumo is about to cash a check for $ 40 million severance pay, when the bank is right to cut 4000 jobs. " 
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