On finding large gaps in its 1999 budget, the Italian treasury decided to deal with one notorious problem – delinquent social securities payments – in an unusual way, by simply selling them. It was a bold and intriguing deal and led to plenty of arguments among the banks that bid for it. But it produced a hefty cost saving for the Italian treasury.
The securitization of these overdue payments brought the country e4.65 billion in cash.
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