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Italy's parliament to consider gold sales
From Dow Jones Newswires
via INO.com
Friday, November 21, 2008
http://news.ino.com/headlines/?newsid=20081121002448
ROME -- The Italian parliament will consider a long-discussed plan to use Bank of Italy gold reserves to lift the country's economy, business daily MF reports Friday, citing parliament's finance committee chairman.
Finance Minister Giulio Tremonti has been mulling the sale of Bank of Italy gold, which MF said was worth around E44 billion, for some time to cut Italy's huge debt and finance infrastructure projects, the paper says.
Previous attempts by European Union governments to use proceeds from central-bank reserve sales to support political goals have met with resistance. Moreover, the Bank of Italy is bound by an agreement among European central banks that strongly limits its freedom to sell its gold and foreign-exchange reserves.
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