Players to the rescue

The union representing many of Italy's multi-millionaire footballers has urged players to do their bit for their country's by buying government bonds at a time when they are being dumped by panicky investors fearing a default.

"We all support this country and above all we believe in its strength," Damiano Tommasi, director of the AIC Italian Association of Footballers, said in a letter.

The AIC represents many of Italy's multi-millionaire Serie A footballers including Roma's Francesco Totti and Juventus' Alessandro Del Piero.

The Italian Banking Association is to hold a special bond sale day on Monday, with banks planning to waive commission fees for clients who buy up government bonds.

The sale has received support from several prominent Italians, including the AIC union.

Tommasi, a former Roma and Italy midfielder, said he had written to all the captains of Italy's professional football teams urging them to persuade their teammates to participate in the bond sale on Monday.

Record highs

Italy's government is in desperate need of cash with the country's borrowing costs soaring last week to their highest levels since Rome joined the euro.

In an auction on Friday, yields on Italian two-year and five-year bonds climbed to 7.77 percent and 7.79 percent respectively. The country's 1.9-billion-euro debt mountain has spooked investors.

At "a moment of extreme difficulty for the global, but in particular, Italy's economy, an investment in state bonds on the part of citizens can offer an important contribution to signal the confidence that Italians have in their country," Tommasi wrote in the letter.

The initiative is also backed by Ferrari President Luca di Montezemolo, who recently called on the Italian public to buy government bonds.

Author: Joanna Impey (AFP, dpa)
Editor: Sonia Phalnikar