The Italian financial law dated December 22 2008 (Financial Law) provides for measures restricting the range of financial transactions that regions and local authorities may enter into. Regions and local authorities can no longer issue bonds or enter into financing transactions with bullet repayment. The maturity of each single transaction, even if it results from the renegotiation of an existing debt, cannot exceed 30 years and must have a minimum maturity of at least five years.
March 01 2009