Cyprus' central bank has denied plans to sell gold to finance the island's bailout. Draft documents posted by Financial Times journalists include the line:
29. Sale of excess gold reserves: The Cypriot authorities have committed to sell the excess amount of gold reserves owned by the Republic. This is estimated to generate one-off revenues to the state of EUR 0.4 bn via an extraordinary pay-out of central bank profits.
Our economics reporter Ben Southwood on the plans:
The document said Cyprus would get €10.6bn of its €23bn financing needs from winding down Laiki bank, €600m from higher corporation tax, €9bn from the Eurozone fund and €1bn from the International Monetary Fund.