mo4ch:>Deutsche Bank confiscates 20 tons of Venezuelan gold after default on swap agreement | Mo4ch News

Germany’s biggest lender, Deutsche Bank, has taken control of 20 tons of gold belonging to Venezuela as collateral after Caracas defaulted on a gold swap agreement valued at US$750 million.The seizure comes as part of a deal clinched between the Bolivarian Republic and the lender as early as 2016, Bloomberg reports. Under the terms of the agreement, Venezuela received a cash loan from Deutsche Bank and put up 20 tons of gold as collateral. At current market value, 20 tons of gold is worth nearly $1.3 billion.Also on rt.comYears of US sanctions have cost Venezuelan economy $130 billion – officialThe initial deal was set to expire in 2021, but was settled earlier because of missed interest payments, according to unnamed sources close the issue, as quoted by the agency.Sanctions-hit Venezuela has been struggling in recent years with the worst economic crisis in the country’s history. The economic decline, accompanied by a sharp recession, hyperinflation, and an increasing deficit of basi…