Gold

[TimberWolf]

Italy has a lot of gold.

WHS. Italy squirrelling away gold like a little golden squirrel.

[TimberWolf]

Not enough to cover an entire bailout, but enough to make a token gesture and a sign that it might be paid back.

According to this chart, Italy has more gold than China.

And about the same quantity as the IMF!

[Mich the Tester]

Didn't this bloke nick Italy's gold?

[DimPrawn]

Didn't this bloke nick Italy's gold?

He did, but soon after it went off a cliff. Bad investment decision.

[TimberWolf]

Italy has quite a lot. About 2,300 tonnes of the stuff.

They're got some valuable paintings as well, as have the Spanish and Portuguese, but they won't sell them.

WMS too. Didn't see the replies while I was researching. Sorry.

[DaveB]

WHS. Italy squirrelling away gold like a little golden squirrel.

One might be tempted to think they had found somthing nasty lurking in the economy that they hadn't told anyone about yet.....

[AtW]

Italy has quite a lot. About 2,300 tonnes of the stuff.

So the plan was:

1) issue junk bonds
2) buy gold (price goes up)
3) force haircut / default on bonds
4) buy bonds back half face value price using quarter of gold

Nice, innit?

[TimberWolf]

So the plan was:

1) issue junk bonds
2) buy gold (price goes up)
3) force haircut / default on bonds
4) buy bonds back half face value price using quarter of gold

Nice, innit?

Yeah, pay 5 or 6% on the loan and gain 30%/year on the gold. And the more they borrow the faster the gold goes up

[Paddy]

Britain used to, but not any more. New Labour sold it to 'invest in communities'. Ho hum.

It was invested in communities but not UK communities. What is interesting is which country bought the gold at a knock price and with an extra discount.

[DimPrawn]

It was invested in communities but not UK communities. What is interesting is which country bought the gold at a knock price and with an extra discount.

Somehow I suspect it was a country in which Bliar probably had many business connections through a complex series of offshore trust and foreign holding companies, ultimately domiciled somewhere like the Cayman Islands.

Slimey self serving