The long awaited and desired no fly zone in Libya has finally been approved by the United Nations today. A slight rebound in precious metals prices were seen upon the press release.
Ten votes is what was used to pass the resolution, with China, Russia, India, Brazil and Germany choosing to abstain from the vote.
The resolution calls for all necessary means to be imposed which will halt the slaughter of civilians. Whether or not this is too little too late will be determined by Monday of next week as the no fly zone is not scheduled to be implemented until this weekend, as the work is being mapped out.
The Arab League’s U.N. ambassador, Yahya Mahmassani, said two Arab countries would take part in a no-fly zone operation, but it is unclear at this point which countries he is referring to.
The ultimate goal is to get the no fly zone in place before Ghadaffi’s forces reach Benghazi. Air strikes against Ghadaffi’s forces have been discussed, but not yet decided on as diplomats try to find the best route to stop the madness in Libya
Read a complete report by CNN here;