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Peterlini Bill for New Bretton Woods
Passes Italian Senate

July 28, 2009 (EIRNS)—On July 28, the Italian Senate approved Sen. Oskar Peterlini's draft for a New Bretton Woods reorganization of the international monetary system, without changes. This is a major success, as Peterlini is a member of the opposition, and therefore his draft was supported by a bipartisan majority. The text calls for the reorganization of the financial system, "following a model of a Bankruptcy Reorganization, in which speculative debts (derivatives and 'toxic waste') are cancelled, while protecting the savings of families and guaranteeing financing for essential activities in the real economy," and for "a credit system, rather than a purely monetary system, which guarantees low-interest, long-term investments in infrastructure, industry, and high technology." It mandates the government to expand the so-called "Lecce Framework" from a purely "transparency" goal to "achieve a fundamental change in the international monetary and financial system, based on the principles of the New Bretton Woods."