*  *  *  Italy faced the crisis with a budget deficit still close to 3 per cent of GDP and a public debt that, though gradually diminishing, was still high by international standards.
[8]  See FSB (2019), ‘FSB Letter to ISDA about derivative contract robustness to risks of interest rate benchmark discontinuation’, 15 March. Available at: <http://www.fsb.org/2019/03/fsb-letter-to-isda-about-derivative-contractrobustness-to-risks-of-interest-rate-benchmark-discontinuation/>. Also see Schooling Latter E, ‘LIBOR transition and contractual fallbacks’, Speech at the ISDA Annual Legal Forum, 28 January. Available at: <https://www.fca.org.uk/news/speeches/libor-transition-and-contractual-fallbacks>  [9]  See ARRC (2019), ‘Fallback Contract Language’.