• Germany's news in English

EU sees billions in Libyan assets frozen at German banks

The Local · 13 Mar 2011, 10:23

Published: 13 Mar 2011 10:23 GMT+01:00

Facebook Twitter Google+ reddit

The frozen funds are in 193 accounts in 14 banks, including one with a balance of €1.96 billion at the central Bundesbank, the German newsweekly said.

On Tuesday, the 27 nations of the EU decided to impose tough new sanctions on the regime of embattled Libyan strongman Muammar Qaddafi, notably on the LIA, the overseas investment vehicle for Tripoli's oil revenues.

Set up in 2006, the LIA has significant holdings in Italian bank UniCredit, Italian defence and aeronautical group Finmeccanica, Juventus Football Club and Pearson, the publisher of the Financial Times, which itself froze that holding last week.

Qaddafi is fighting a popular rebellion, with the international community discussing and implementing a range of sanctions and other measures including a no-fly zone to prevent his forces attacking civilians.

Britain and France have been pushing for a no-fly zone, but in a final statement following an emergency meeting in Brussels on Friday, EU states made no mention of such a move, although they acknowledged the need to eye "all necessary options" to protect civilians.

German Foreign Minister Guido Westerwelle also insisted Saturday on the need to hold talks with southern Mediterranean countries, to avoid endangering the democratic process evolving in Libya's neighbours, Egypt and Tunisia.

"(If) the freedom movement in the entire Arabic world collapses, succumbs, because there is the impression that this is an intervention by the West and not a freedom movement, then we will be doing the democrats a disservice and that I want to avoid at all costs," he said.

On the margins of an informal meeting of EU foreign ministers outside Budapest on Saturday, Westerwelle told journalists that military intervention in Libya might be seen as a Western crusade.

Story continues below…

"It is crucial not to give the impression that this is a conflict between the West and the Arab world, of a Christian crusade against people of the Muslim faith," Westerwelle said.


The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

14:28 March 13, 2011 by catjones
You and I might believe Qaddafi is engaging in criminal activity, but he might see his world differently as a rebel insurrection. If the German neo-nazi' stormed the reichstadt and were put down by force, would France freeze German assets? If Qaddafi crushes the rebellion and emerges victorious he will remain Libya's leader just as he was before.....then what?
00:43 March 14, 2011 by wenddiver
@catjones- Then all of Europe will kiss his butt or have their oil turned off , because if you don't China will get your energy supply, just like they did in Sudan.
10:25 March 14, 2011 by moistvelvet
If a civilian has taken up arms against the government is he then a legitimate target? When the British government sent troops into Ireland to quell the rebellion were their assets frozen, when PIRA believed they had a legitimate cause and fought against British troops in Northern Ireland and beyond were British assets frozen? Obviously the numbers are different but when it comes down to it remember that one mans' terrorist is another mans' freedom fighter, as catjones says Qaddafi will no doubt see the situation differently and we shouldn't be surprised.

Incidently with all this talk of no fly-zones and sanctions, Libya's response to putting down the armed rebellion is getting far more attention than say Darfur did, I wonder why! :-o
15:48 March 14, 2011 by wenddiver
Nothing says moral indignation at your form of Government like seizing your money and Oil Fields. If you have Oil, you will always have friends concerned concerned about your Freedom.

In the US we have a two party system, the Democrats who want 100 dollar a barrel oil to help them make money from their green agenda and the Republicans who want 100 dollar a barrel oil so Haliburton can make money from their Fascism Agenda. Either way, we get 100 dollar a barrel oil.

It is a neat way to do business, next time your neighbor does something un-democratic in his family, doesn't allow his 9 year old a say in running the family or something, go steal his checkbook and credit cards or his water hose from the side of his house to show your moral superiority.
Today's headlines
Anger as Berlin scraps Turkey concert on Armenia genocide
The Dresden Symphony Orchestra. Photo: DPA

Germany's foreign ministry Tuesday scrapped a planned symphony performance on the Armenian "genocide" in its Istanbul consulate, sparking accusations that it was caving in to Turkish pressure.

Obama to visit Berlin in last presidential trip to Germany
President Barack Obama and Chancellor Angela Merkel during a Berlin trip in 2013. Photo: DPA.

The White House announced on Tuesday that US President Barack Obama will be paying one last unexpected visit to the German capital - his last before he leaves office.

Hostility towards minorities 'widespread in Bavaria'
A village in southern Bavaria. Photo: DPA.

Hate and hostility towards groups deemed to be different are not just sentiments felt by fringe extremists, a new report on Bavaria shows.

Hated RB Leipzig emerge as shock challengers to Bayern
RB Leipzig. Photo: DPA

RB Leipzig's remarkable unbeaten start to the Bundesliga season has seen them suddenly emerge at the head of the pack chasing reigning champions and league leaders Bayern Munich.

Munich taxi driver in hospital after attack by British tourists
Photo: DPA

A taxi driver had to be hospitalized in Munich on Monday evening after three British tourists refused to pay their fare and then attacked him.

German police carry out nationwide anti-terror raids
Police outside a building in Jena during raids on Tuesday. Photo: DPA

Police forces in five German states carried out raids on Tuesday morning with the aim of tackling the financing of terror groups, police in Thuringia have reported.

The Local List
10 ways German completely messes up your English
Photo: DPA

So you've mastered German, but now it's time to learn English all over again.

Iconic German church being eroded away by human urine
Ulm Minster towering over the rest Ulm surrounding the Danube. Photo: Pixabay

It will now cost you €100 to spend a penny. That’s if you get caught choosing to pee against the world-famous Ulm Minster.

German small arms ammo exports grow ten-fold
Photo: DPA

The government has come in for criticism after new figures revealed that Germany exported ten times the quantity of small arms ammunition in the first half of 2016 as in the same period last year.

14-year-old stabs 'creepy clown' in prank gone wrong
File photo: DPA.

A 16-year-old in Berlin decided he wanted to scare some friends, but his plot backfired in a violent way.

Germany's 10 most weird and wonderful landmarks
Sponsored Article
Last chance to vote absentee in the US elections
10 things you never knew about socialist East Germany
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd