Italy’s newly formed government is a coalition between two populist parties: Lega Nord (the Northern League) and Movimento 5 Stelle (the Five Star Movement). This coalition is floating the idea of issuing the “mini-BOT,” which would amount to a parallel currency to the Euro. In order to understand how this could work, let’s first look at the BOT.
The BOT: What It Is and What It Is Not
The BOT is Italy’s Treasury bill and is similar to the U.S. Treasury bill. The mini-BOT would also be a form of government debt, but it would pay no interest and never mature. The idea is the Italian government would issue the paper mini-BOTs to pay social benefits. While private businesses could accept them, they would not be compelled to do so...........
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