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Politics : Welcome to Slider's Dugout

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From: ldo79	5/16/2007 3:58:23 PM
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Yesterday's news: IMF to Sell its Gold London, May 15 (Prensa Latina) IMF director, Rodrigo Rato, announced that the institution will sell 400 tons of its gold reserves in coming days to help defray a drop in income. Rato told the press that the IMF considered recommendations of an independent panel regarding the need to sell part of its reserves since the demand for financial assistance has almost run out. He added that there was a 165 million dollar deficiency for the 2007 fiscal year. The IMF predicted the deficit would grow to about 224 million dollars the following fiscal year. The sale of gold was one of the measures recommended by the independent panel that included former president of the US Federal Reserve, Alan Greenspan. The 400 tons of gold represent one eighth of the 3,217 tons of IMF gold reserve that is valued at close to 68.4 billion dollars at current prices. tinyurl.com

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