Italy ploughs ahead with controversial Mini-BOTs
Italy’s parliament stunned the capital markets this week when it waved through a radical motion to explore issuing securities that resemble a parallel currency to the euro, in a development that has been met with almost universal derision. Frank Jackman, Lewis McLellan and Mike Turner report.
The proposed securities are called Mini-BOTs, named after Italian Treasury notes, and would allow the Italian government to print non-interest bearing tradable securities, with small denominations of up to €50, which could be used to purchase government services, although no one would be obliged to accept them....
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