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A Bundesbank economist has a radical plan to halve Italy's debt
By Alessandro Speciale
Bloomberg News
Saturday, October 27, 2018
Italy's populist government doesn't need to ask for money from European partners to halve its debt -- it could tap the large private wealth of its citizens, Bundesbank economist Karsten Wendorff suggested.
The radical proposal echoes the debate in Italian media over a potential "wealth tax." Unlike a tax, however, it wouldn't directly eat into the patrimony of the country's families, according to its proponent, who heads the German central bank's public finance department.
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"Instead of a European fund that buys Italian government bonds and that is ultimately backed by European taxpayers, a national fund should be created," Wendorff wrote in the Frankfurter Allgemeine Zeitung on Saturday. "This fund would buy Italian government bonds."
Such a fund would be financed by "national solidarity bonds" that Italian households would be obliged to purchase -- for example, to the tune of 20 percent of their net wealth. At such a rate "almost half of Italian government debt could be converted into solidarity bonds." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-10-27/a-bundesbank-economis...
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