|
Cyprus May Sell Majority Of Gold Reserves to Help Fund BailoutBBC NewsApr. 12, 2013 |
Popular 
SHOCK VIDEO: Inside Trump's Concentration Camp For Immigrant Children
Salon: Cut Off Friends And Family If They Support Trump
Judge Rules In Favor Of Right-Winger Suing Twitter For Banning His Account
Turkey Finishes Massive Wall On Syrian Border, Paid For With EU Funds
Laura Bush Outraged By U.S. Border Policy, A-OK With Hubby Destroying The Middle East
  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 (£341m) 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 |
