Col Muammar Gaddafi on Thursday night pleaded with his people to view him as benign figurehead, comparable to the Queen, as he made increasingly desperate efforts to stave off the collapse of his beseiged regime.
Ministers have identified billions of pounds that Col Muammar Gaddafi and the Libyan regime have deposited in London, The Daily Telegraph can disclose.
The funds are expected to be seized within days. The Treasury is understood to have set up a unit to trace Col Gaddafi's assets in Britain, which are thought to include billions of dollars in bank accounts, commercial property and a £10 million mansion in London.
How will America handle the fall of its Middle East empire?
Empires can collapse in the course of a generation. At the end of the 16th century, the Spanish looked dominant. Twenty-five years later, they were on their knees, over-extended, bankrupt, and incapable of coping with the emergent maritime powers of Britain and Holland. The British empire reached its fullest extent in 1930. Twenty years later, it was all over.
Today, it is reasonable to ask whether the United States, seemingly invincible a decade ago, will follow the same trajectory. America has suffered two convulsive blows in the last three years. The first was the financial crisis of 2008, whose consequences are yet to be properly felt. Although the immediate cause was the debacle in the mortgage market, the underlying problem was chronic imbalance in the economy.
NICOSIA – In the midst of the armed uprising, the Gaddafi regime on Thursday transferred €4m to Cyprus for payment of its debts to the Cyprus government and Cypriot businesses. It is estimated that the Libyan government owes Cyprus a total of €7.5m and the money transfer was confirmed by the Accountant General’s office. Of the €4m that was transferred from Libya to Cyprus, half a million concerns debts to the Cypriot government and the rest will be distributed accordingly to Cypriot companies that are owed money from Libya.