Inside Italy’s $405M cheese vaults as system that uses Parmesan as loan collateral in danger from environmental threat
Italians have long been able to secure loans with wheels of Parmesan — but the vaults where banks store AUD $572 million (approx. $405 million USD) worth of cheese are under strain. The system dates back to the 1950s and is tailored to the unique cashflow needs of Italian dairy farmers. One Australian economist calls … Read more