Special Report – Credito Emiliano’s “Alternative Finances”

Cheesy Collateral Keeps Credit Flowing as Recession Bites Parmesan Makers (Bloomberg News)
we will take you from boston over to italy or one italian bank is helping its customers survive the credit crisis in an interesting way. it involves cheese in bank vaults. >> since the middle ages, parmesan cheese has played a punch in part in italian cuisine. for the time it takes to mature, it makes a softer and expensive commodity. regional lender credito emiliano has been using it for collateral since the 1950’s. the bank stores 250,000 maturing drums of cheese in a climate controlled vault. >> this is not only a good mechanism, it is esential. as the lifeblood, if you want to stay in business. it is guaranteed. the bank does not risk anything. >> is not just the banks backed down small profit in parmesan cheese. earlier this year, organized crime pulled off a daring chese highest from the bank’s vaults. >> but the statement from the window and made a hole in the wall. — thieves cam



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