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Sardex – a currency for Sardinia

June 16, 2020

reading time: 1 minute

by Sidi Staub (LGT)

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What do goat’s cheese, 3000 year-old nuraghe and the global financial crisis have in common?

“Why should a carpenter whose business is profitable no longer be able to get a loan just because something went wrong in London, Frankfurt or New York?” That’s the question Giuseppe Littera and his friends asked themselves when the Sardinian banks stopped granting loans to local businesses in the wake of the 2008 financial crisis. Their answer to the problem? The Sardex, a currency, but also an interest-free credit system independent from the banks and based on mutual support that builds on the age-old concept of networks embodied by the Sardinian nuraghe towers. Watch this video to learn about this amazing success story centered around human ingenuity and solidarity in times of crisis and read the whole story in our CREDO magazine.

Image: Raphael Zubler

 

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