Cyprus to Sell Gold to Help Overcome ‘Challenging’ Debt Outlook
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Cyprus was told by its European partners that it must follow through on commitments to sell gold and other state assets worth 1.8 billion euros ($2.4 billion) to overcome its debt crisis.
Cyprus’s debt will be 109 percent of gross domestic product this year before peaking at 126.3 percent of GDP in 2015, according to a draft of the European Commission’s assessment of the public debt sustainability of Cyprus dated April 9 and obtained by Bloomberg News.