June 7, 2019 / 3:15 PM / a month ago

Italy cabinet official says mini-BOT scheme is a possibility: AGI

ROME (Reuters) - A top government official from the ruling League party said on Friday Italy may issue small denomination bonds to help pay state debts owed to companies, Italian news agency AGI reported.

The prospect of the so-called “mini-BOT” scheme, named after Italy’s Treasury bills, worries many investors, who fear they could become a parallel currency paving the way for Italy’s exit for the euro.sik

The Treasury last week denied there were any plans to issue mini-BOTs, but cabinet undersecretary Giancarlo Giorgetti, who is close to League chief Matteo Salvini, said on Friday they were still being considered.

“It’s clear that all new solutions are contested,” AGI quoted him as saying at a rally near Mantua. “They are a way to accelerate repayment of public administration debts, they are one of the possibilities, one of the solutions.”

The League’s spokeswoman said she was unable to immediately confirm Giorgetti’s comments.

Reporting By Gavin Jones

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