A Heatwave Gives ‘Liquid Assets’ A New Meaning For The European Bank Using Cheese As Collateral

Since 1953, an Italian bank has accepted wheels of Parmigiano Reggiano as collateral for loans — but the heatwave sweeping across the region is causing the bank to second-guess its decision. About $350 million in cheese is sitting in two warehouses operated by Credito Emiliano, where a European heatwave is quickly threatening profitability. “This is ...