Cyprus May Sell Majority Of Gold Reserves to Help Fund Bailout

Cyprus may sell off some of its gold reserves to help finance part of its bailout, according to reports.

An assessment by the European Commission says Cyprus must sell about 400m euros (Ł341m) worth of gold.

The country has already been forced to wind down one of its largest banks in order to qualify for a 10bn euro lifeline from international lenders.

Even with that bailout, it is predicted that the Cypriot economy will shrink by 8.7% this year.

Cyprus's total bullion reserves stood at 13.9 tonnes at the end of February, according to data from the World Gold Council.

At current prices, 400m euros' worth of gold amounts to about 10.36 tonnes of metal.

If reports of a sale by the Financial Times and news agencies are correct, it would be the biggest bullion sale by a eurozone central bank since France sold 17.4 tonnes in the first half of 2009.

Read More

SHARE:

Email This

Latest Economy
- Bitcoin: Segway, Cigarette, or Gold Doubloon?
- Faber: 'We are in a massive speculative bubble'
- Ultimate Bitcoin Showdown: Schiff vs. Voorhees
- Get Ready to Pay More Online: Supremes Refuse to Hear Internet Tax Case
- U.S. Ranks Third Lowest of Eleven Countries on Health Care Spending
- Peter Schiff Interviewed on London Real
- The True Value of Bitcoin: What You Really Need To Know
- Jeffrey Tucker - Laissez Faire and the Love of Life Itself

No Comments Posted

Add Comment

Add Comment

Name

Comment

* No HTML

Verification *

Please Enter the Verification Code Seen Below

PLEASE NOTE

Please see our About Page, our Disclaimer, and our Comments Policy.

FAIR USE NOTICE

This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the Digital Millennium Copyright Act (found at the U.S. Copyright Office) and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.

About Us - Disclaimer - Privacy Policy