Libya decides to withdraw $7 billion of assets in Swiss banks, cut oil supply.
Summary: Libya Libya (lĭb`ēə), officially Great Socialist People's Libyan Arab Jamahirya [state of the masses], republic (2005 est. pop. 5,766,000), 679,358 sq mi (1,759,540 sq km), N Africa. will withdraw $7 billion of assets in Swiss banks, cut economic ties with Switzerland and stop supplying it with oil to protest against what it called poor treatment of Libyan diplomats Some famous diplomats include: Afghanistan
Libya will withdraw $7 billion of assets in Swiss banks, cut economic ties with Switzerland and stop supplying it with oil to protest against what it called poor treatment of Libyan diplomats and businessmen, Libyan news agency JANA said. The move follows a diplomatic row that broke out three months ago when a son of Libyan leader Muammar Gaddafi was arrested in Geneva Geneva, canton and city, Switzerland
Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. and charged with mistreating two domestic employees.
"Due to the poor treatment a number of Libyan diplomats and businessmen received from the police in the canton of Geneva The Republic and Canton of Geneva is the westernmost canton or state of Switzerland, surrounded on almost all sides by France and centered around the city of Geneva. The official name of this canton is République et Canton de Genève. , the Great Jamahiriyah (Libya) has decided to stop pumping crude oil for Switzerland and withdraw Libyan assets deposited in Swiss banks which are worth $7 billion," JANA cited an unnamed foreign ministry source as saying in a statement on Friday.
"It has also decided to suspend all forms of economic cooperation with Switzerland until the reasons and the motives behind such practices are known," it added.
On his part, Swiss President Pascal Couchepin Pascal Couchepin (born April 5, 1942) is a Swiss politician who has been a member of the Swiss Federal Council since 1998.
He was elected to the Swiss Federal Council on March 11, 1998 as a member of the Free Democratic Party (FDP/PRD) and French speaking Valais. said he was not too worried although Switzerland wanted to have good relations with Tripoli Tripoli, city, Lebanon
Tripoli (trĭp`əlē) or Tarabulus (täräb`l . "I hope this is more about words than actions. But you never know," he told Swiss TV programme SF1.
"The situation on the oil market is not very tense at the moment. The prices indicate that there is enough oil on the market. Therefore I think there is no danger for Switzerland."
2008 Al Bawaba (www.albawaba.com)
2008 Al Bawaba (Albawaba.com)
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