Fools in Cyprus to Sell Gold, Hike Corporate Taxes to Finance Small Part of Bailout

Whether out of complete stupidity or pressure from the IMF or Brussels (I suspect all three) Cyprus to sell around 400 mln euros worth of gold to partially fund its bailout. 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.

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Fools in Cyprus to Sell Gold, Hike Corporate Taxes to Finance Small Part of Bailout