Cyprus to sell €400m of gold 

                                                                                          Photo: Alamy

To help finance its bailout plan Cyprus has agreed to sell its gold reserve worth 400 million euro.Cyprus is facing lot of debt crisis. There has been a sharp fall in gold prices in India. The other European countries , who  have a large gold reserve, some of whom  are also facing financial crisis.

Source http://www.telegraph.co.uk/finance/financialcrisis/9985038/Cyprus-to-sell-400m-of-gold-as-bail-out-costs-nearly-double.html and http://www.tribuneindia.com/2013/20130414/nation.htm#3