Cyprus agrees to sell $500 million in gold reserves

Cyprus will sell over $500 million of its gold reserves to help finance a small part of its $30 billion bailout needs between 2013 Q2 and 2016 Q1, reported Reuters on Wednesday.

Cyprus' financing program will involve $14 billion from the restructuring of the Laiki Bank and the losses imposed on bondholders and depositors with accounts worth more than $130,000.

The euro zone has agreed to contribute roughly $12 billion, the International Monetary Fund $1.3 billion over the 3-year financing period.


Sources:  Gernot Heller and Jan Strupczewski of Reuters; CBS MoneyWatch