As Italian yields surge, and the ECB reiteriates its stance as a non-lender of last resort to sovereigns, Italian Pro-Footballers have pledged to buy their county’s bonds while international banks unload holdings in a virtually bid-less market.
The patriotic campaign was motivated by Italian entrepreneur Giuliano Melani, who placed a full-page ad in Corriere della Sera stating “Let’s buy the debt”.
I applaud the Italian’s willingness to buy their own debt, which at current yields looks fairly attractive if doomsday is not upon us. Encouraging domestic ownership of a country’s sovereign debt is good idea, perhaps it is the only reason Japan has been able to maintain low yields despite their ridiculous debt/GDP ratio (>200%).
Link: Italy’s Footballers Aim to Takle Country’s Debt By Buying Bonds.
