Italian Debt Swaps

The Italian government is going all-out to make its huge privatization program a success. To make offerings more attractive, Italian citizens will be able to pay for shares by turning in widely held Italian Treasury bills--the traditional form of family savings in Italy. And under new proposals, prospective investors will also be able to pay in installments. The first big flotations, investment bank IMI and insurer INA, will hit the market in November.

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