Germany to G20: German Gold “Must Remain Off Limits”; Italian Gold Sale Again Proposed In Germany

Monday, November 7, 2011
By Paul Martin

From GoldCore

Germany has rejected proposals by France, Britain and the US to have
German gold reserves used as collateral for the Eurozone bailout fund.

Germany Economy Minister Philipp Roesler said on Monday that the
German people’s gold reserves cannot be touched and “must remain off

“German gold reserves must remain untouchable,” said Roesler, who is
head of the Free Democrats (FDP), a partner in Chancellor Angela
Merkel’s coalition.

Roesler added his voice to opposition to an idea proposed at the G20
summit of using reserves including gold as collateral for the euro zone
bailout funds.

The Bundesbank and Mr. Seibert, spokesman for Merkel, said Sunday
that they too ruled out the idea discussed at the summit of Group of 20
leading economies last week.

Mr. Seibert dismissed media reports yesterday that the plan to boost
bailout funds, to aid Italy or another large euro zone country, would
require Germany to sell off part of its gold and foreign exchange

“Germany’s gold and foreign exchange reserves, administered by the
Bundesbank, were not at any point up for discussion at the G20 summit in
Cannes,” he said.

The Rest…HERE

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