NY Times:
The Libyan leader Col. Muammar el-Qaddafi has “tens of billions” in cash secretly hidden away in Tripoli, allowing him to prolong his fight against rebel forces despite an international freeze on many of the Libyan government’s assets, according to American and other intelligence officials.
Colonel Qaddafi has control over the huge cash deposits, which have been stored at the Libyan Central Bank and other banks around the Libyan capital in recent years, the officials said.
Since the protests and fighting erupted, some of the money may have been moved into Colonel Qaddafi’s Tripoli compound, Bab Al Azizia, according to one person with ties to the Libyan government. While United States intelligence officials said they could not confirm such a move, one official said that Colonel Qaddafi “likely has tens of billions in cash that he can access inside Libya.”
The money — in Libyan dinars, United States dollars and possibly other foreign currencies — allows Colonel Qaddafi to pay his troops, African mercenaries and political supporters in the face of a determined uprising, said the intelligence officials, speaking on the condition of anonymity.
The huge cash reserves have, at least temporarily, diminished the impact of economic sanctions on Colonel Qaddafi and his government. The possibility that he could resist the rebellion in his country for a sustained period could place greater pressure for action on the Obama administration and European leaders, who had hoped that the Libyan leader would be forced from power quickly.
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The hope and change approach is not working out so well for the Libyans. Qaddafi is also getting a more strategic response from his military of late, after his incoherent beginning of the war. The Rebels are facing a Qaddafi with ever fewer inhibitions which means the brutality will also be ramped up. Unless outside help arrives soon, there will be a lot of dead Libyans.
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