Italy's footballers to buy Italian bonds in solidarity

Super Progress

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Italy's footballers to buy Italian bonds in solidarity

Post by Super Progress on Mon Nov 28, 2011 11:41 am

Italy's footballers aim to tackle country's debt by buying bonds

Italian footballers' association is encouraging members to join campaign to buy up bonds as country's banks waive fees.

Pummelled by the markets and facing close scrutiny by European partners, debt-ridden Italy has been offered a helping hand by an unusual group of millionaires its professional footballers.

Not known for their business acumen or altruism, Italy's highly paid calciatori have joined a patriotic, grassroots campaign to buy up Italian government bonds as foreign investors reduce their exposure on fears of an Italian default.

"We want to be an example," said Damiano Tommasi, a former Italy player and now director of the Italian footballers' association, which has sent a letter to members urging them to buy bonds.

"In Italy we are seen as people with no interests whatsoever outside football, but we see a parallel between representing your country on the pitch and doing something for the nation down at the bank."

Tommasi said he had a positive reaction to his letter and hoped to see footballers lining up to buy bonds on Monday, when Italian banks are waiving their usual fees.

"The association is also going to buy up over 100,000 [86,000] worth of bonds from its coffers, which are sustained by the contributions of members," he said.

Italy was forced to pay a yield of 7.8% on two-year bonds at auction on Friday, up from the 4.6% it paid in October as investors decided Italian debt was riskier than ever.

Italy's banks are dropping their fees on Monday in response to a bond buying campaign launched by Italian entrepreneur Giuliano Melani, who was deluged by thousands of calls of support after he placed a full-page advert in Corriere della Sera stating "Let's buy the debt!"

The paper said on Sunday that buying bonds with high yields was not only patriotic but also offered "extremely interesting" returns.

Tommasi added that investing in Italian bonds was less dodgy that some of the hair-brained schemes into which footballers have been known to plough their million-euro salaries.

"We know that players are often badly advised on investments and we think buying Italian bonds is not only important for Italy but also a safe investment," he said.
Nice move marketing wise for Italian footballers and I always liked Tommasi but 100,000 is not going to move the market the least. I think it is mostly patriotism talking because it is absurdly stupid investment. I can't imagine Italian footballers have really wasted their money in much worse manners than this.

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Re: Italy's footballers to buy Italian bonds in solidarity

Post by Murray on Mon Nov 28, 2011 3:17 pm

I thought they would all be moving their money to Switzerland to avoid it being converted back into Lira when Italy leaves the euro.

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