- Meet the Mini-BOT: Italy Will Break Up the Eurozone
A crisis is brewing in the Eurozone and it’s not even on mainstream media radar. Italy is at the center of the crisis. BOT stands for Buoni Ordinari del Tesoro (Ordinary Treasury Bonds). Mini means the denomination is smaller than the lowest denomination of regular treasury bonds, which is €1,000, thus “Mini-BOT”.
The Italian government, led unofficially by deputy prime ministers Matteo Salvini (League) and Luigi Di Maio (Five Star Movement) both support the idea of a parallel currency. The technocrat prime minister, Giuseppe Cont, is not calling the shots and threatened to resign over this issue.
ECB president, Mario Draghi, proclaimed “Mini-BOTs are either money and then they are illegal, or they are debt and then the stock of debt goes up. I don’t think there is a third possibility.”
A week ago, I noted possibility number three in Italy’s Mini-BOT Trojan Horse Could Blow Up the Eurozone. Possibility three is a Trojan horse designed as a stepping stone to get Italy out of the Eurozone.