Reuters is reporting that Cyprus will raise 400 million euros by selling part of its official gold reserves in order to finance a bailout of its banks.
Resolution of Laiki Bank and bail-in of bondholders/depositors in Bank of #Cyprus to raise total of 10.6 bln euros, troika documents show— Luke Baker (@LukeReuters) April 10, 2013
As part of its rescue programme, Cyprus is going to sell 400 mln euros of #gold reserves, according to documents seen by Reuters— Luke Baker (@LukeReuters) April 10, 2013
Gold has been taking a beating in today's trading session. Right now, the shiny yellow metal is down 1 percent, near its lowest level of the day.
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- Politics & Government
- Laiki Bank
- official gold reserves