Thursday, 01 November 2018 11:54

Not so cheesy

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What do Italians offer as collateral when seeking loans from the Italian bank Credito Emiliano (Credem)? Cheese, of course.

Cheese happens to be acceptable collateral at Credito Emiliano bank. Take Mauro Rossi, for example. His small business – Gavesetto – annually produces about 20,000 ‘wheels’ of Parmigiano-Reggiano (the so-called ‘king of cheese’) in the Emiliano region. Parmigiano-Reggiano cheese needs ageing for 18-36 months and one wheel could be worth thousands of dollars.

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