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Cyprus to Sell Gold Reserves
Politics ♦
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: © Vindobona.org
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,…
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