-
Italy should use its gold reserves to force a change in EMU policy
The World Gold Council has advised Italy to deploy its 2,000 tonnes of gold to break free of EMU austerity dictates. By using the reserves – the world's fourth largest – to collateralise the first chunk of any losses for bondholders, Italy could raise €400bn or so on the capital markets and determine its own future for a while. Italy did this in 1974 when it borrowed $2bn from the Bundesbank, using gold as collateral. Portugal did the same thing to borrow $1bn from the BIS in the 1975-1977, and India used its gold to borrow from Japan in 1991. A joint WGC-Ipsos survey found that 61pc of Italian business ... (full story)
- Comments
- Comment
- Subscribe
- Comment #1
- Quote
- May 3, 2013 3:00am May 3, 2013 3:00am
- Guest
- | IP XXX.XXX.151.100
- Comment #2
- Quote
- May 3, 2013 3:14am May 3, 2013 3:14am
- Guest
- | IP XX.XXX.134.3
- Comment #3
- Quote
- May 3, 2013 3:19am May 3, 2013 3:19am
- k3nshinz3139
- Joined Oct 2012 | Status: Chart can tell you everything! | 642 Comments | Online Now
- Comment #4
- Quote
- May 3, 2013 3:23am May 3, 2013 3:23am
- joancb
- | Joined Aug 2011 | Status: Member | 310 Comments
- Comment #5
- Quote
- May 3, 2013 4:35am May 3, 2013 4:35am
- Guest
- | IP XXX.XX.126.250
- Comment #6
- Quote
- May 3, 2013 8:04am May 3, 2013 8:04am
- tuteee
- | Joined Apr 2008 | Status: Pivot Point Trader | 1 Comment