TREASURY SPOKESMAN MADE THE FOLLOWING COMMENTS TO THE
PRESS TODAY (JUNE 12):
"(1) IN THE TREASURY'S VIEW, THE FINANCE MINISTERS
ARE MAKING USEFUL PROGRESS TOWARD THE TWIN OBJECTIVES
OF AGREEING ON PROCEDURAL STEPS TO PHASE GOLD OUT OF A
CENTRAL ROLE IN THE MONETARY SYSTEM AND AT THE SAME TIME
PERMIT IT TO BE MOBILIZED WHEN NEEDED BY COUNTRIES IN
BALANCE OF PAYMENT DIFFICULTIES. DISCUSSIONS ALONG
THESE LINES ARE CONTINUING.
(2) AMONG THE POSSIBILITIES, THE MINISTERS AGREED
IN PRINCIPLE THAT GOLD COULD BE USED AS COLLATERAL FOR
INTERNATIONAL BORROWING. (N.B.: AS IN THE CASE OF ALL
LOANS, THIS PRESUMES THAT THE LENDER WOULD SET THE VALUE ON COLLATERAL PLEDGED, AND THEREFORE SUCH A PLAN WOULD
NOT NECESSARILY ENVISAGE VALUING GOLD AT A MARKET-
RELATED PRICE.)"
TREASURY HAS NO FURTHER COMMENTS REGARDING ANY
DISCUSSIONS THAT MAY HAVE TAKEN PLACE AT THE INFORMAL
GROUP OF 10 DINNER THAT WAS HELD ON JUNE 11, 1974. SISCO
Source: https://www.wikileaks.org/plusd/cables/1974STATE124905_b.html
Also: https://www.wikileaks.org/plusd/cables/1974STATE124905_b.html
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