Spain Sells Off Most Of It's
Gold Reserves
Spain's Central Bank
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Spain risks crisis over vanishing reserves
Spain's foreign reserves have plummeted to wafer-thin levels,
leaving the country exposed to a possible banking crisis if the
property market swings from boom to bust - despite membership of the
eurozone.
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Ambrose Evans-Pritchard
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Spain Selling Gold
Over the past two months the Banco de España has sold off 80 tonnes
of gold, flooding the world market with enough bullion to dampen the
usual spring rally. The bank has reduced its holdings of US
Treasuries, British gilts, and other investments at a similar rate.
Total reserves have now fallen by two thirds from €41.5bn in early
2002. Greece and Portugal have seen a similar drop.
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Germans Won't Bow To Zionist's Pressure
The Bundesbank has an option to sell 600 of its 3,427 tonnes of
gold over a five-year period that began in 2004.By contrast, the
overall reserves of the eurozone system have remained stable. France
(€76bn), Germany (€86bn), Italy (€59.5bn) have all kept holdings at
full strength since the launch of the euro.
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