In a move that will spark fears across the EU of an “Italeave”, three of the country’s political parties are backing the introduction of “Fiscal Credit Certificates” as an alternative to the Euro. The plan has the approval of the European Central Bank. The certificates, known as CCFs, give workers and businesses tax breaks to boost income and productivity. Although not legal tender, everybody can use them to pay taxes, buy government services or exchange them for goods or euros. According to a report by global analyst GEFIRA, 'They can be used as a parallel currency.” Independent MEP Diane James said: “If Italy does manage to leave the single currency, it is only a matter of time until it formally leaves the EU and the whole house of cards comes crashing down.”
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