Cyprus to sell $523mln in gold as part of bailout

Cyprus officials have agreed to sell around 400 million euros in excess gold reserves to contribute to the country's bailout. The nation will also raise 10.6 billion euros from closing down troubled lender Cyprus Popular Bank PCL. The IMF will also provide 1 billion euros to Cyprus's bailout and the euro zone finances 9 billion euros of the rescue plan.

By Sara Sjolin
April 10, 2013, 11:11 a.m. EDT
Market Watch

Cyprus officials have agreed to sell around 400 million euros ($523 million) in excess gold reserves to contribute to the country's bailout, Reuters reported on Wednesday, citing a draft assessment of the nation's financing needs. The report further said the struggling Mediterranean nation will raise 10.6 billion euros from closing down troubled lender Cyprus Popular Bank PCL CY:CPB 0.00% and from deposit-for-equity swaps in the Bank of Cyprus PCL CY:BOCY +3.48% . The International Monetary Fund will provide 1 billion euros to Cyprus's bailout and the euro zone finances 9 billion euros of the rescue plan. Gold for June delivery GCM3 -1.08% traded $17.80 lower, or 1.1%, at $1,569.90 an ounce.

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