U.S. Treasury's Snow says no consensus on gold

Tue Apr 19, 2005 04:18 PM ET

WASHINGTON, April 19 (Reuters) - U.S. Treasury Secretary John Snow on Tuesday dismissed chances a proposal to sell International Monetary Fund gold stocks to help fund debt relief for the world's poorest countries could succeed.

"There's no consensus on this among the G7 (Group of Seven rich countries) or the board of the IMF," Snow said in answer to lawmaker questions before the House of Representatives Financial Services Committee, where he was testifying on the state of the global financial system.

"I think that if you did a vote now -- I haven't ever taken a vote count -- you'd have as many or more against than in favor of the gold sales," he said. "The U.S. position is clear on that. It is inadvisable and not a course of action we could support."

The Treasury chief added: "I don't see how they will ever be successful."

 
 
 

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