Cyprus to sell around 400m euros worth of gold

Cyprus has to sell excess gold reserves to raise around 400 million euros (HK$4.1 billion) to help finance its part of its bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.

Cyprus, one of the euro zone’s smallest economies, has been forced to wind down one of its largest banks and slap losses on uninsured deposits in order to qualify for a 10-billion-euro lifeline from the European Union and the International Monetary Fund.

via Business feed http://www.scmp.com/business/economy/article/1212054/cyprus-sell-around-400m-euros-worth-gold