According to the fine print of a treaty signed on February 21, the European Union now has the power to seize Greece’s gold reserves. The modifications the EU is forcing into the Greek constitution vest Greece’s creditors, mainly European banks and the European Central Bank, with the authority to take gold from the Bank of Greece.
German politicians have been calling for indebted nations to sell their gold. Now, however, Greece is being forced into doing so—with as little fanfare as possible.
