Gold will protect ECB from defaults, says top economist

The European Central Bank (ECB) should be able to withstand a hit on its asset values from a Greek, Irish or Portuguese default because of the enormous gains in the value of gold held by euro zone central banks, according to atop economist at Switzer

14th May, 2011
Gold will protect ECB from defaults, says top economist
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The European Central Bank (ECB) should be able to withstand a hit on its asset values from a Greek, Irish or Portuguese default because of the enormous gains in the value of gold held by euro zone central banks, according to atop economist at Switzerland’s biggest bank.

In an article in the monthly bulletin of the Official Monetary and Financial Institutions Forum, UBS chief European economist Stephane Deo said the ECB could protect...

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