Faced with heavy debt burdens, governments worldwide are finding creative ways to borrow money. Romania's unusual blood-for-bonds campaign lets donors like 46-year-old project manager Ionut Nedelea earn extra cash by donating blood and then buying government bonds offering over 7% interest rates—a full percentage point above standard rates.

The program has raised roughly 2.8 billion lei ($604 million) since early 2025 from tens of thousands of retail investors, helping cover Romania's substantial budget deficit while addressing chronic blood shortages. It now provides close to a fifth of the government's entire borrowing needs.

Globally, policymakers are experimenting with novel ways to entice everyday citizens—from Italy to Japan to Brazil—to buy bonds as government debt has surged. Retail investors tend to buy and hold, unlike hedge funds that can exit during turmoil, making them valuable sources of stable funding.

Critics argue the amounts invested are too small to significantly impact deficits, and offering higher yields or tax breaks comes at a cost to governments.