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Cyprus is to sell off much of its gold reserves to help finance part of its bailout

 
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04/11/2013 08:56 AM
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Cyprus is to sell off much of its gold reserves to help finance part of its bailout
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. [link to www.bbc.co.uk]

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