Citi To Sell Confiscated Venezuelan Gold From Maduro Deal | WHAT REALLY HAPPENED


Citi To Sell Confiscated Venezuelan Gold From Maduro Deal

Reuters reports that Citigroup plans to sell several tons of gold placed as collateral by Venezuela’s central bank on a $1.6 billion loan after the deadline for repurchasing them expired this month.

As we detailed in February, back in April 2015, when Venezuela still had a somewhat functioning economy and hyperinflation was not yet rampant, the cash-strapped country quietly conducted a little-noticed gold-for-cash swap with Citigroup as part of which president Nicolas Maduro converted part of his nation's gold reserves into at least $1 billion in cash through a swap with Citibank.

Comments

Don't borrow from the mob

mistorteem

If Maduro was stupid enough to do business with any U.S. bank he deserves to be ousted.

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