Some of Libya’s Sovereign Wealth Money Might have a New Master
Talks have been held on what to do with Gaddafi’s frozen assets. The Libyan rebels are in dire need of financing, while a number of participating countries are hesitant to lend their own money to aid them. In April, the leadership in Libya’s opposition sent a letter to U.S. Treasury Secretary Timothy Geithner. The letter had a simple mission. The opposition wants a creation of a trust fund that is composed up of frozen Gaddafi assets. The trust fund would be audited and co-managed by the opposition and participating foreign governments.
U.S. Secretary of State Hillary Rodham Clinton was in Rome today discussing Middle East political issues with Italian Foreign Minister Franco Frattini and other diplomats. The Obama administration is supporting the opposition in Libya and agrees to the trust fund idea. The frozen assets that could support the rebels could be around $4.5 billion.
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