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Greece needs its gold to back a new currency, Commerzbank says
Greek Gold Sales to Raise Funds Seen Unlikely by Commerzbank
By Eddie van der Walt
Friday, June 19, 2015
Greece is unlikely to resort to selling gold because disposing of the hoard valued at about $4.3 billion would only postpone a default, Commerzbank AG said.
Bullion prices would probably fall if the nation were to sell metal on the open market, Commerzbank said in a report Friday. Using gold to raise funds may mean selling to another central bank or the International Monetary Fund, or lending out the metal, it said. ...
"Selling gold would deprive the country of its only really valuable reserves, which could be put to good use at a later date, perhaps to stabilize a new currency if Greece exits the euro," Commerzbank analysts including Frankfurt-based Eugen Weinberg wrote in the report. ...
... For the remainder of the report:
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