Mini-BOT
The mini BOT or mini-BOT is a planned complementary currency form of government bonds of Italy to the public debt ratio in Italy to get around.
Definition
BOT is the initial of B uono o rdinario del t esoro, meaning “ordinary promissory notes from the state treasury”. Mini refers to the denomination: They should be in denominations of around five, ten, twenty or even up to five hundred euros, which are printed and marketed as physical notes the size of banknotes . Three, six or twelve months are planned as terms.
function
The basic idea is that the mini-BOT is an Italian substitute currency, with the Banca d'Italia is set in a position that money supply to increase and thus the euro to inflate . Above all, this should be done by allowing Italian citizens to use it to pay off their tax debts. It is to be expected that the parallel currency will be traded with too little discount in the money market, because otherwise it would be lucrative to bring about a legal reduction in tax liability by purchasing the Mini-BOTs.
history
In 2017, Silvio Berlusconi was already considering the introduction of such a complementary currency to prepare for Italy's exit from the European Monetary Union, as Claudio Borghi had always called for. Initially, this currency was supposed to provide the country with a means of payment if there were bottlenecks on the key date for the currency conversion. The demand was included in the coalition agreement between the government of the Five Star Movement and the Lega in 2018 . Prime Minister Giuseppe Conte and his deputy Matteo Salvini have brought this possibility into play again and again in order to prevent the EU's deficit procedure and to enable higher national debt . In this context, the economic politician Gunther Schnabl pointed out that Italy had already received a loan of almost half a trillion euros from the ECB through the negative TARGET2 balances, without providing collateral. In May 2018, together with Dirk Meyer , Thomas Mayer and Roland Vaubel , he initiated the appeal The euro must not lead to the liability union! . This was supported by over a hundred economists. Nonetheless, the Italian Parliament voted in a motion to review the instrument, because the US state of California temporarily issued promissory notes in a budget crisis in 2009 and the Argentine government also launched "Patacón Papers" to fill the 2001 debt gap.
Individual evidence
- ↑ Norbert Hofmann: Mini-Bots - A new currency, please. In: sueddeutsche.de. July 4, 2019, accessed April 5, 2020 .
- ↑ Economists call: The euro must not lead to a liability union. In: faz.net. May 21, 2018. Retrieved May 23, 2018 .
- ↑ mbü: Mini-Bot: Italy toying with a parallel currency. In: handelszeitung.ch. June 5, 2019, accessed April 5, 2020 .