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The bridge over the Rubicon has been built and we now just wait for Caesar to cross it - key decision-makers in Rome have decided how to get themselves out of their impasse between their proposed Budget and EU Fiscal Stability rules.
They have made up their mind to issue a parallel currency denominated in Euro in 2019, in the form of banknote-sized Italian government bonds with denominations from €5 to €500 Euro, as was initially proposed in the election campaign.
They can print as much of this parallel currency as is needed to bridge the gap between their Budget and the rules.
If this plan materialises, Italy will have to leave the Euro within 3 months of the introduction of such a dual regime, and that, my friends, will be the end of the Euro and probably of the EU.
Hopefully this post will not displease the anonymous Finextra member who slagged off my blog about Pay.uk's governance earlier this week, as its topic is different, the piece is short, and the news is quite hot and definitely unboring. Enjoy!
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