Berlin says lawsuit over gold bonds 'unjustified'

18th April 2005, Comments 0 comments

18 April 2005, BERLIN - A German finance ministry spokesman on Monday rejected as "unjustified" planned lawsuits in the United States aimed at recovering USD 7.9 billion (EUR 6.1 billion) in gold bonds from the 1920s.

18 April 2005

BERLIN - A German finance ministry spokesman on Monday rejected as "unjustified" planned lawsuits in the United States aimed at recovering USD 7.9 billion (EUR 6.1 billion) in gold bonds from the 1920s.

Spokesman Stefan Giffler also termed the lawsuits, due to be launched against the German government in Florida next month, as "inadmissible", given that Berlin was only willing to deal with such questions through diplomatic channels.

At issue are Dawes and Young gold bonds which were sold mainly to Americans after World War One in order to raise money to pay for German war reparations.

The news magazine Der Spiegel said Germany has already bought back most of the gold bonds but that there are still some on the market.

But there remains considerable disagreement over the value of these bonds, the magazine said.

DPA

Subject: German news

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