Monday, May 23, 2011

Don’t forget to sell the gold!

Greece to start selling domestic assets to ease debts

Greece is sitting on 112 tonnes of gold, worth about $5.5bn. Ireland is sitting on a paltry 6 tonnes, worth nearly $300 million; but Portugal has 383 tonnes, worth over $18bn. Italy has nearly 2,500 tonnes...

Posted by uncle tom @ 07:36 PM (1923 views)
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8 thoughts on “Don’t forget to sell the gold!

  • “Don’t forget to sell the gold!”

    …And swap it with what tom? I’m all ears.

    $850 is a long way down.

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  • It’s a very good point Uncle Tom, why on earth should anyone be bailing out any counries when they have so uch wealth sitting idle.

    The Irish may have to get inventive with their tiny stash. Greece, who’s industrial economy is perhaps not as developed as Italy’s could always run a long term lease on a couple of Islands to clear down some debt.

    Thing is though, will they be forced to sell heir assets ?

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  • their assets

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  • Rumour is that the Chinese and Indians will buy any big batches of Gold and pay in US dollars.

    On a lighter note, has anyone counted Italy’s gold lately? – with corruption rife in that country, Berlustconi has probably used lumps of it to pay off his underage consorts.

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  • Or they could just default. With all the existing and planned cuts, Greece will actually run an operating surplus (i.e. before interest payments) by 2012. If they default on all their debt then they won’t need further bailouts.

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  • bellwether says:

    Obviously they should decouple from the Euro or evolve to a true monetary union. Probably the former.

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  • general congreve says:

    Yesssssssss, sell your precioussssssss, take the dollarsssssss, clear your debtsssssssss.

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  • Gold subterfuge.

    They don’t like it up em Mr Mainwaring, it makes their presses go faster.

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