April 10 Cyprus has agreed to sell excess gold
reserves to raise around 400 million euros and help finance its
part of its bailout, an assessment of Cypriot financing needs
prepared by the European Commission showed.
The draft assessment, obtained by Reuters, also said that
Cyprus would raise 10.6 billion euros from the winding down of
Laiki Bank and the losses imposed on junior bondholders and the
deposit-for-equity swap for uninsured deposits in the Bank of
Nicosia would get a further 600 million euros over 3 years
from raising the corporate income tax rate and the capital gains
Out of the total Cypriot financing needs of 23 billion euros
between the second quarter of 2013 and the first quarter of
2016, the euro zone bailout fund will provide 9 billion euros,
the International Monetary Fund 1 billion and Cyprus itself will
generate 13 billion, the assessment said.