Italy's soccer stars miss their bond markets goal

The efforts of Italy's millionaire footballers to buy up the embattled nation's debt cut little ice with bond markets today, as the nation fended off speculation of a 600 billion (£515 billion) IMF bailout.

Italian banks waived fees on bond purchases under a national "buy the debt" drive to ease the country's financial crisis. The campaign has been supported by former Roma and Italy midfielder Damiano Tommasi - pictured in his playing days and now president of the Italian football association - who has urged Serie A's footballing elite to make a patriotic investment in the nation's debt.

Italy's benchmark, 10-year borrowing costs eased slightly today but remain above the 7% danger mark which triggered bail-outs for Greece, Ireland and Portugal.

Worries over Italy have mounted as the world's eighth-biggest economy heads towards recession amid efforts by new prime minister Mario Monti to overhaul the country's notoriously inefficient economy.

But Italian press reports of an emergency, €600 billion IMF loan were immediately denied by the international body, which said it was not in talks over financing.

The euro briefly rallied on hopes the IMF could provide the "big bazooka" solution to resolve the eurozone's lingering debt crisis, but analysts suggested that body would not have the necessary firepower.