A confrontation with Europe over Italy's debt is looming. Mr Salvini might hope that talk of mini-BOTs will give him some leverage
distress sometimes find creative ways to pay the bills. Revolutionary France sold bonds secured against land confiscated from the Catholic church; America used paper bills to fund its war of independence. In 2001 Argentina issueds, as did California in 2009. During Greece’s sovereign-debt crisis Yanis Varoufakis, then its finance minister, toyed with plans for a parallel currency.s, originally hatched by eurosceptics to replace the euro, made it onto the ruling coalition’s manifesto last year.
History suggests such dire measures are not generally successful. Governments are tempted to over-issue scrip, as in 18th-century America. As they are less trusted and less liquid than official currency, their value slumps. In California banks eventually refused to accepts. Argentines hoarded pesos, spending scrip as fast as possible .
That explains why the technocratic Mr Tria wants to squash the idea, and opposition lawmakers say they would not support it. But Mr Salvini is reluctant to take it off the table just yet. A confrontation with the European Commission over Italy’s public debt is looming. He might hope that considering mini-s signals the country’s willingness to take drastic steps to introduce fiscal stimulus. If it is a threat, the gun is pointing the wrong way.
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