Friday, April 12, 2013

Creditors Seize Cyprus Gold Reserves

The Telegraph:  Ambrose Evans-Pritchard
First they purloin the savings and bank deposits in Laiki and the Bank of Cyprus, including the working funds of the University of Cyprus, and thousands of small firms hanging on by their fingertips.
Then they seize three quarters of the country’s gold reserves, making it ever harder for Cyprus to extricate itself from EMU at a later date.
The people of Cyprus first learned about this from a Reuters leak of the working documents for the Eurogroup meeting on Friday.
It is tucked away in clause 29. "Sale of excess gold reserves: The Cypriot authorities have committed to sell the excess amount of gold reserves owned by the Republic. This is estimated to generate one-off revenues to the state of €400m via an extraordinary payout of central bank profits."   LINK...
Sovereignty is disappearing around the world, soon there will be no such thing as an independent nation or an independent person for that matter. Be proactive and plan for the worst and hope for the best.   BK