Culturabond, MiBACT Cabinet Chief rejects idea: "It's debt, better to do something else. No risk of selling off."

The end may have come today on the hypothesis of so-called “culturabonds” launched in the pages of Corriere della Sera, and at the center of a recent discussion in the industry. Or at least, it could be the end of what were the “culturabonds” according to the original intentions (although it should be noted that the proposal launched by Corriere was very smoky): of government bonds to support culture (an idea that in any case had already been rejected by all insiders as unworkable). Discarding the hypothesis this afternoon was Lorenzo Casini, Chief of Cabinet of the Minister of Cultural Heritage Dario Franceschini, speaking in a webinar at the Bruno Leoni Institute.

To a specific question about culturabonds, Casini said, “On the hypothesis of a fund that would even issue bonds, we are cold: we know the sector, and we know that it is not a profitable sector, so basically a bond dedicated to culture would be another form of government bond, that is, another form of indebtedness.” Consequently, for Casini, “it is perhaps preferable to build a fund that guarantees liquidity, perhaps with very subsidized loan mechanisms for the cultural business sector (and this is the proposal that came from Federculture in a document they sent to us), or even to have a fund for non-repayable contributions from the state on interventions that can be investment promotion. Obviously for us, real estate investments are excluded: I say this because in this debate there are immediately those who have feared the risk of selling off or putting heritage up for sale. These are hypotheses that are not even in the slightest consideration.”

Culturabond, MiBACT Cabinet Chief rejects idea: "It's debt, better to do something else. No risk of selling off."

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