And finally…Eternal City brings back ancient currency to prop up fragile economy

The leaders of today’s Eternal City say they are bringing back the sestertius to stem the flow of money out of the Italian capital and save local businesses from going to the wall.

“We want to save the city’s entrepreneurs and encourage start-ups at a time when the banks have stopped lending cash,” said Andrea Mazzillo, the financial assessor behind the scheme.

With Italy’s stricken banking sector giving local business owners the ‘thumbs down’ when it comes to loans, the new currency will be used on an electronic trading platform where Roman entrepreneurs can trade services and products, building up credit as well as debt.

Luca Fantacci, an economics professor at Bocconi University in Milan, said that virtual local currencies were springing up around the world.

“The idea is that businesses in one area get together, and by using the currency they create additional demand for local products and money does not get dispersed away from the area,” he said.

A similar scheme has been initiated in Sardinia and is being used by hundreds of businesses on the Mediterranean island.

“The system there is supervised, so getting credit isn’t automatic, but it’s easier than getting credit from a bank, and it is interest-free,” Mr Fantacci said.