… in the small print of the Greek deal lies the nasty side for Greece. There lies a heavy penalty clause; Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal. Greece has 111 tonnes of gold. In other words Greece has given up on its “money in extremis”, gold. If they default they will have nowhere else to go. Its international assets will be seized and it will not be able to trade internationally at all… Julian Phillips (1)
The chart below shows total gold holdings for the top 40 countries. Little Ireland is off the chart with just 6 tonnes of gold.
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(1) Julian Phillips’ citation source: http://harveyorgan.blogspot.com/2012/02/iran-and-war-drums-beating-gold-blasts.html
- Greece’s Lenders Have The Right To Seize National Gold Reserves,
by Tyler Durden, zerohedge.com, 02/23/2012
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