Why Are Greece And Portugal Sitting On Billions Of Dollars In Gold Reserves, But Are Still Asking For A Bailout?

Rock solid: Several thousand 28lb bars of 24-carat gold stored in the Bank of England's massive underground vault. Covering Delta

Europe's Elusive Gold Reserves: Are Greece, Portugal Sitting on Billions Of Dollars? -- Time

The first thing any insolvent private person is forced to do is relinquish the family silver. But other rules seem to apply to governments. Whether they've been living above their means for a few years or for decades, certain countries hold on tight to their assets, declare themselves unable to pay back their debts and turn to other countries for help.

The European Union has seen many an example of this. Right now, Greece is negotiating with the troika of the E.U., the European Central Bank (ECB) and the International Monetary Fund (IMF) for a new rescue package while Athens sits on an impressive 114-ton stash of gold, about what four large, fully loaded trucks could carry.

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My Comment: Does this make sense .... no. But then again .... the European Union was established with lofty ideals, what they did not realize that some future players may not play with such an altruistic philosophy in mind.