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Thursday, May 5, 2011

Top German Politicians Want Portugal To Dump Its Gold In Exchange For A Bailout

Gold

German politicians don't want to give Portugal its bailout cash until it sells its own assets, according to the International Business Times.


Norbert Barthle, who is a member of Angela Merkel's party and budget speaker, as well as his Social Democrat rival, Carsten Schneider, have both called for Portugal to think about selling its gold


Frank Schäffler, a member of the FDP party in coalition government, is more adamant, saying that Portugal should have to "sell their silverware" including gold, before they receive a bailout.


While the bailout package has been agreed to, economic ministers from the eurozone still need to approve the package in a vote on May 16.


As domestic pressure rises, German Chancellor Angela Merkel may force changes in the bailout package, or a higher interest rate on Portugal's loans in order to appease her domestic constituencies.


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Full story at http://feedproxy.google.com/~r/businessinsider/~3/QV31jHngR5s/germany-potugal-gold-bailout-2011-5

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