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To: wlheatmoon who wrote (46616)	6/11/1999 4:46:00 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

June 11, 1999 -------------------------------------------------------------------------------- U.K.'s Brown Says G-7 Close to Deal On Sale of Part of IMF Gold Reserve Dow Jones Newswires LONDON -- United Kingdom Chancellor of the Exchequer Gordon Brown said Friday officials from the Group of Seven leading industrial nations are close to an agreement on selling a portion of the International Monetary Fund's gold reserves. Mr. Brown, briefing reporters before a meeting of G-7 financial ministers this weekend in Frankfurt, said he believes Germany is now ready to back a sale of a portion of the IMF's gold reserves. "I believe we will now have support from America, from France, from Italy, Canada and Japan," Mr. Brown said. He said he believes Germany will be ready to announce that it, too, and will be willing to sign off on a sale of a portion of IMF gold as early as this autumn. In fact, a German government source said Friday that it's likely that gold reserves held by the IMF will be sold to finance poor country debt relief. "A decision on this matter will be taken at the IMF meeting in the autumn, but it will go in this direction," the German source said. Gold sales are "one measure under consideration." Mr. Brown also said the decision to sell a portion of the IMF's reserves won't be made until the IMF and World Bank meetings in the fall, but he said discussions between G-7 financial ministers Saturday and those at the G-7 summit next week in Cologne, Germany, will result in substantial progress toward that decision. Analysts now expect a sale of a portion of IMF gold, possibly as much as $2 billion worth, but it has remained unclear whether all IMF members have embraced the idea. The issue of selling IMF gold has been raised by the U.K. in an effort to ease the debt burden of the world's poorest countries. The German government source said the revision would affect about 41 poor nations and add a "considerable sum" to the current $12.5 billion program.

To: wlheatmoon who wrote (46616)	6/11/1999 4:47:00 PM
From: accountclosed	Read Replies (2) \| Respond to of 86076

interesting the comments he makes on stock threads and not on general market threads. i asked him once to come to a more public place like mb's thread to debate and he commented about the "illerati" <g>