Left Menu
Development News Edition

UPDATE 1-Italy government won't sell "a gram" of gold reserves-League lawmaker

UPDATE 1-Italy government won't sell "a gram" of gold reserves-League lawmaker
The Italian government has no intention of selling the Bank of Italy's gold reserves to plug budget holes, a prominent lawmaker of the ruling League party said on Wednesday.

"We do not want to sell a gram (of gold)," Claudio Borghi, chairman of the lower-house budget committee and the League's economics spokesman, said in a interview with state-owned television RAI. The League has drafted a law proposal which would eventually allow the government to sell the country's gold reserves if there were also a change to the constitution -- a long and complicated legislative process.

Borghi has already tabled a bill intended to establish that the gold is the property of the state rather than of the Bank of Italy, a point which is disputed in Italy. The idea that Italy could sell part of its gold reserves to fill budget shortfalls has sparked outcry in Germany, Daniel Gros, a German economist and Director of the Centre for European Policy Studies, said on the same TV programme.

In an exchange with Borghi, Gros added: "Some conservative financial circles believe Italy is on the edge of collapse and see its gold reserves as the only available collateral in case of a bailout". Italy is the world's third-largest holder of gold reserves, behind the United States and Germany, with 2,451.8 tonnes as of last year, according to the World Gold Council.

In 1976, 543 tonnes of gold bullion were used by the Bank of Italy as collateral for a loan from the German central bank. (Reporting by Giselda Vagnoni; Editing by Valentina Za and Steve Scherer, Editing by William Maclean)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....


Latest News

Pak welcomes US-Taliban agreement, hopes this will bring peace in Afghanistan

Pakistan on Friday welcomed the proposed US-Taliban agreement, hoping that all parties would now seize this historic opportunity to bring a comprehensive and inclusive political settlement for durable peace and stability in war-torn Afghani...

LG V60 ThinQ leaks ahead of official release

Mobile World Congress MWC 2020 is officially cancelled but details on upcoming smartphones have already started leaking out with the LG V60 ThinQ being the first.A render published by Android Headlines shows off the LG V60 ThinQs narrow-bez...

WHO chief says international team heading to Wuhan on Saturday (AFP) RUPRUP

WHO chief says international team heading to Wuhan on Saturday AFP RUPRUP...

Motor racing-The others are faster than us, says Ferrari F1 boss

Ferrari Formula One boss Mattia Binotto said on Friday he was less optimistic about his teams pace than he had been in testing last year and rivals were faster than them.Champions Mercedes have been impressively quick in the first week of t...

Give Feedback