Cyprus will reportedly sell €400M of "excess" gold reserves according to a draft assessment of...


Cyprus will reportedly sell €400M of "excess" gold reserves according to a draft assessment of the country's financing needs reviewed by Reuters. Between now and 2016, the country needs €23B. Cyprus' contribution (around €13B) will be derived from a combination of higher taxes, the Laiki bank wind down, the equity "swap" (sarcasm) with depositors, and the aforementioned sale of the country's gold holdings. 

Comments (7)
  • youngman442002
    , contributor
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    when you are drowning..you grab for anything..sad but this will be the worst thing for them.Poverty for years to come..
    10 Apr 2013, 01:48 PM Reply Like
  • RS055
    , contributor
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    The poor, the over-leveraged and the confused - are easy pickings. Any valuable assets they temporarily control can be taken from them . By who? Indeed.
    10 Apr 2013, 01:50 PM Reply Like
  • june1234
    , contributor
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    They still have their suntan lotion inventories
    10 Apr 2013, 05:02 PM Reply Like
  • RS055
    , contributor
    Comments (5583) | Send Message
     
    If cyprus wanted to get the best price they would do a private sale to China - or one of the other central banks. It is not a particularly large amount.
    10 Apr 2013, 02:22 PM Reply Like
  • Dogpound
    , contributor
    Comments (159) | Send Message
     
    When your banks have failed, anarchy in the streets and massive unemployment - can you have "excess" gold?
    10 Apr 2013, 03:22 PM Reply Like
  • june1234
    , contributor
    Comments (4408) | Send Message
     
    Joke in Germany for yrs has been how many Greeks each German family now owns, add some Cypriots to list. As I understand it anytime any EU member formally asks for EU for aid it gives up its gold reserves which would be to Germany and northern countries. Maybe why Spain has resisted doing so so fat. Gutting all those countries.
    10 Apr 2013, 04:33 PM Reply Like
  • bobplack
    , contributor
    Comments (2) | Send Message
     
    Chineese buying? Europe selling? Goldman talks their short hedge book position? I would bet that the Chineese are the "smart money" in here for much more than a day trade! Not completely oversold but getting there....maybe by June.
    10 Apr 2013, 04:52 PM Reply Like
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