Germany freezes over 10 bln euros in Libyan assets: report

12th March 2011, Comments 1 comment

German banks including the Bundesbank have frozen over 10 billion euros in Libyan assets following a European Union decision, Der Spiegel reported in its edition to be published Monday.

The frozen funds are in 193 accounts in 14 banks, including one with a balance of 1.96 billion euros (2.72 billion dollars) at the central Bundesbank, the German newsweekly said.

On Tuesday, the 27 nations of the EU decided to impose tough new sanctions on the regime of embattled Libyan strongman Moamer Kadhafi, notably on the LIA, the overseas investment vehicle for Tripoli's oil revenues.

Set up in 2006, the LIA has significant holdings in Italian bank UniCredit, Italian defence and aeronautical group Finmeccanica, Juventus Football Club and Pearson, the publisher of the Financial Times, which itself froze that holding last week.

Kadhafi is fighting a popular rebellion, with the international community discussing and implementing a range of sanctions and other measures including a no-fly zone to prevent his forces attacking civilians.

© 2011 AFP

1 Comment To This Article

  • Paul of Perth posted:

    on 12th March 2011, 16:28:49 - Reply

    Thank goodness that Gaddaffi can see through the smoke screen.

    If the world leaders were actually opposed to genocide and the killing of civilians and compelled to stop Crimes against humanity, they would impose sanctions and no fly zones on Israel (Let alone stop funding Israel) and oust the Prime Minister of Israel Benjamin Netanyahu of Likud. However, we all know that the same leaders who want Gaddaffi unseated for apparently being responsible for crimes against Humanity, which Israel is clearly guilty of committing against the Palestians, do not lift a finger or even a critism against Israel. I wonder if this all has something to do with oil? or perhaps weapons of mass destruction like those Iraq/Saddam Hussai did not have? and that Libya also does not have? but Israel does have?