Italy may unfreeze $3.6 bn of Libyan assets

September 4th, 2011 - 9:26 am ICT by IANS  

Rome, Sep 4 (IANS/RIA Novosti) Italy plans to release 2.5 billion euros ($3.6 billion) of Libya’s assets and transfer it to the rebel-led government, Italian Foreign Minister Franco Frattini said.

Italy, once Libya’s closest partner in Europe, froze about seven billion euros of Libyan assets after the UN imposed sanctions against Muammar Gaddafi, who was toppled after a 42-year reign.

Frattini said Saturday the assets could be unfrozen within one or two weeks after the UN sanctions committee’s approval is received.

France has already pledged to unblock five billion euros for the rebel National Transitional Council out of Libya’s French-based 7.6 billion euros.

French authorities say Gaddafi’s government reportedly has a total of 50 billion euros in assets all over the world.

–IANS/RIA Novosti
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