Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

MP says Portugal should sell its gold to save itself

Share this article

MP says Portugal should sell its gold to save itself
Photo: DPA
16:54 CEST+02:00
Portugal, the third eurozone country to ask for a financial bailout, should first sell its gold reserves, a German member of parliament suggested on Thursday.

"Before risking other people's money Portugal should first sell its family jewels, especially its gold reserves," Frank Schäffler, a member of the pro-business FDP liberal party, told Bild newspaper.

Schäffler last year made himself hugely unpopular with Greece when, at the height of its financial crisis, he suggested they sell off some of their numerous islands to help pay for an international bailout.

IMF chief Dominique Strauss-Kahn and EU Economy Commissioner Olli Rehn warned on Thursday that the Portuguese people would have to deliver "truly national" and "major" reform efforts in exchange for a €78 billion ($116 billion) bailout which has just been agreed.

Portugal held gold reserves worth some $17.5 billion last month, accounting for some 80 percent of its overall reserves, according to IMF figures.

The country is already seeing something of a gold rush, but only because the country's debt-strapped population is selling off jewellery to pay monthly bills.

"The sector is witnessing a real boom," according to Rui Pinhao, director of Valores, which catapulted to leader in the used gold market over the last two years with 150 franchises across the country.

The Local/AFP/mdm

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university where students tackle real-world problems

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement