After several rounds of revisions, Eurostat revealed its final rules on the treatment of European Union members' state-related securitizations last week. The EU's statistical body now views all securitizations as borrowing on the part of governments and said that these operations should not be considered as reducing public deficit.

Italy, Belgium and Portugal have initiated programs over the last two years. Italy priced extensive debt transactions that typically center on regionally controlled healthcare receivables. Portugal and Belgium securitized of tax claims. Greece is on the sidelines with a possible tax deal that has yet to come to fruition.

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