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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (29177)	2/7/2008 4:17:25 AM
From: elmatador	Respond to of 219714

IMF to sell god reserves. Germany might be willing to back the IMF in selling gold if IMF Managing Director Dominique Strauss-Kahn proposes far-reaching spending cuts. In this case, Germany would show "a certain willingness to compromise" on the sale of gold, although it has made no final decision yet, he said. Berlin signals readiness to compromise over IMF plans Berlin, Feb 5, IRNA Germany-IMF-Compromise Germany has signalled readiness to compromise over plans by the International Monetary Fund (IMF) to sell gold reserves in a bid to secure revenues for planned reforms, the press reported Tuesday. German deputy Finance Minister Thomas Mirow said a precondition for Berlin's agreement would be severe IMF spending slashings. If there are "very considerable cuts" which could be verified, then there could be a "certain degree of readiness for compromise," the German official added. Group of Seven finance ministers and central bank governors will discuss IMF reforms at their meeting in Tokyo on Saturday. The IMF set a goal of achieving by the fall of 2008 a package of reforms to voting and representation geared at improving the organization's effectiveness and credibility. The IMF's policy-steering committee, the International Monetary and Financial Committee, hopes to secure an agreement on a formula for boosting IMF representation for developing countries by April. However several members of the IMF, including the Group of 24 developing countries and Germany, have repeatedly voiced deep frustration over the slow pace of reforms of the institution.