Could Euro zone gold reserves be used to bail out bankrupt states?

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Johnnny

Frontiersman
Jun 8, 2007
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Mineweb - Could Euro zone gold reserves be used to bail out bankrupt states? - FAST NEWS

Is iceland even still a country ?????:lol::lol::lol::lol:

A German source suggests that the country is considering suggesting that state gold reserves could be used as a last resort to bail out Euro zone states facing bankruptcy
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Germany is considering the possibility of euro zone countries using their central banks' gold reserves to back a European Monetary Fund, German magazine Focus reported on Saturday.
The German Finance Ministry declined to comment on the report by Focus, which did not specify its sources.

"A proposal from the finance ministry suggests pooling the gold reserves of the former central banks of euro zone countries in a stabilisation fund," Focus wrote.
According to Focus, Greece still has around 112 tonnes of gold, while the German Bundesbank has 3,407 tonnes with a market value of around 90 billion euros.

German Finance Minister Wolfgang Schaeuble on Friday repeated his call for a fund which could, as a last resort, offer help to euro zone states facing bankruptcy.
Greece is battling a debt crisis and EU policymakers have been debating ways of providing support for it and other troubled euro zone members.
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ironsides

ironsides

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Feb 13, 2009
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I don't think there is enough gold in all of Europe to able the bailout of Greece, Spain, Ireland and Italy who are in serious economic trouble.

"Plans for a bailout for Greece totalling Euro20 to Euro25 billion will be put to a meeting of Eurozone finance ministers on Monday. A system of co-ordinated bilateral moves has been agreed behind the scenes by major players among the 16 countries in the single currency, led by Germany. They will step in as a last resort if Greece requests help in meeting its huge sovereign debt repayments. The package has been formulated to work around a "no bailout" clause in EU rules, and would"

EU countries agree to Euro25bn Greece bailout - Worldnews.com
 
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