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Saturday, April 2, 2011

Portugal 'sells' Ronaldo to Spain in €160m deal on national debt

Weighed down by debt, and reeling from the latest downgrading of their country's credit status, Portugal's finance ministry has secured the co-operation of football's highest-paid player in an audacious bid to draw the nation back from the brink of economic collapse.
In a move which some observers claimed "will lead to the destruction of the World Cup", Cristiano Ronaldo has agreed to "act like a patriot" and be sold to neighbouring Spain for €160m.
Last week, Prime Minister José Sócrates resigned after his government's latest austerity package was rejected by parliament. His move followed the downgrading of his country's credit rating to the category above "junk". While Ronaldo's fee, though double the current record (paid by Real Madrid to Manchester United for Ronaldo's club affiliation in 2009) barely dents the €12bn Portugal owes, Mr Socrates, now caretaker premier, believes that the international bond markets will take it as a symbol of Portugal's determination to tackle the crisis, and respond accordingly
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