Friday, 15 July 2011

West prepares to hand rebels Gaddafi's billions

More than 30 countries yesterday recognised Libya's rebel movement as the legitimate government as they tried to end the war and unseat a defiant Colonel Muammar Gaddafi.
The statement by nations meeting in Istanbul for the fourth time since Nato attacks against Gaddafi's regime began in March could allow the US to free up more than $30bn of Gaddafi's assets held by American banks for the opposition fighters. France has agreed to unfreeze $250m in assets for the opposition, while Italy pledged to unfreeze an additional $100m. Kuwait and Qatar reportedly have given about $100m to the opposition.
The meeting laid out a blueprint for a transition of power in which Gaddafi would be given the option to call a ceasefire and relinquish power. "Increasingly the people of Libya are looking past Gaddafi. They know, as we all know, that it is no longer a question of whether Gaddafi will leave power, but when," said Hillary Clinton, the US Secretary of State.

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