Hey buddy, can you spare a wheel of Parmigiano-Reggiano?

Italy is in the throes of its fourth recession since 2002, with the countrys economy expected to contract 5.3% this year. And, for many producers, cheese seems to be the only way out.

Credito Emiliano, an Italian bank in the Emilia-Romagna region, has been accepting parmesan cheese as collateral since the early 1950s -- and is now considering treating prosciutto, olive oil and balsamic vinegar the same way, according to Steve Jenkins, one of Americas foremost cheese experts.

Italy recession

The bank does not store the cheese on site -- this is the purview of a unit called Magazzini Generali delle Tagliate, which holds 440,000 wheels worth a little less than $190 million.

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