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Moammar Gadhafi May Be Spending Cash Reserves to Keep Troops Loyal
David Hope
Mar 10, 2011, 14:22

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Moammar Gadhafi is accused today of using a stockpile of cash to keep his troops and supporters loyal. U.S. intelligence reports suggest that Gadhafi is actively paying Libyan troops and African mercenaries to help reinforce his rule, as well.

One source said the dictator has "tens of billions" of Libyan dinars and U.S. dollars in the Libyan Central Bank, The New York Times reported Thursday. Another source, described as someone with ties to the Libyan government, suggested Gadhafi's deposits may now be in his compound in Tripoli.

Switzerland, the United States, the European Union and other countries have frozen Gadhafi's assets and blocked his accounts, and the U.N. Security Council has approved economic sanctions. But officials said the effect of the freeze has been softened by Gadhafi's billion-dollar piggy bank.

Gadhafi is believed to have begun stockpiling cash after the end of economic sanctions in 2004 to create a hoard he would be able to reach if he faced sanctions again.

"He learned to keep cash around," the source with Libyan government ties said.

Source: UPI

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