Created to facilitate the management of the public debt, this market has grown without interruption and average daily turnover has risen from Lit300 trillion in 1988 to over Lit19,000 trillion in the first nine months of 1999. MTS bid-ask spreads are extremely narrow, averaging around 4 basis points in 1999.
To reinforce this point, he went on to write that at zero interest: ‘Roads would be levelled and straightened regardless of cost. In some places mountains would be dug away and valleys filled to provide residential and agricultural land.