Banks Accuse Venice Of Trying To Escape €125M Swaps Deal

By Sophia Dourou (June 23, 2022, 5:28 PM BST) -- Two Italian banks asked a London court at trial Thursday to enforce the terms of a €125 million ($132 million) debt restructuring deal that Venice signed on the eve of the last financial crisis.

Banca Intesa Sanpaolo SpA and Dexia Crediop SpA asked the High Court on the first day of the trial to find that interest swaps agreements entered with the Italian city were "valid and binding" under the country's law.

"Ever since the drastic fall in interest rates in response to the global financial crisis, Venice has decided it entered into a bad deal, searching for any possible legal...

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