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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: long-gone who wrote (30074)	3/15/1999 6:54:00 PM
From: lorne	Read Replies (2) of 116759

Bonn says Buba must approve IMF gold sales. Hi Richard, when I read this I'm not sure if the gold is sold if it would go to the poor people or to some bank to pay off debts. BONN, March 15 - The German Finance Ministry said on Monday that Bonn supported international debt writeoffs for poor countries, but would only back sales of IMF gold to fund such a step with the approval of the Bundesbank. "We say yes to debt forgiveness, but only to gold sales with Bundesbank support," ministry spokesman Torsten Albig said. He was speaking after French President Jacques Chirac urged greater debt forgiveness for poor countries, possibly backed by sales of gold reserves held by the International Monetary Fund. Germany's former Chancellor Helmut Kohl had opposed IMF gold sales, but Social Democrat Chancellor Gerhard Schroeder has since coming to power last year thrown his weight behind moves led by France and Britain to fund a new debt relief drive. The current Highly Indebted Poor Countries Initiative (HIPC) -- run jointly by the Paris Club of creditor nations, the IMF and World Bank -- allows up to 80 percent forgiveness on sovereign debts. A Bundesbank spokesman said the German central bank had not dropped its sceptical attitude to IMF gold sales. Asked about Chirac's comments, the spokesman said: "There has been no change in our position." The Bundesbank has in the past opposed gold sales, fearing that such a move might set a precedent for the Bonn government to lay its hands to some of the central bank's own gold reserves to finance policies that might spark inflation. yahoo.co.uk

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