Article Tools

Cyprus to Sell Gold Reserves

Published: April 10, 2013; 19:36 · (Vindobona)

The country has to sell reserves in the amount of € 400m. In the meantime, the banking sector has been cut down to one half of its former size.

Cyprus to Sell Gold Reserves / Picture: © Flickr

Due to the liquidation of Laiki Bank and the mandatory levy on assets for clients of the Bank of Cyprus, a total of up to € 10.6bn might build up. As part of the agreements with international investors, Cyprus is supposed to sell gold reserves in the amount of € 400m. This is the outcome of a final paper about the rescue plan which was presented to news agency Reuters. Furthermore,…

This article includes a total of 438 words.

or Log In