The recent announcement is very worrying. What are the implications? Without gold reserves there is no possibility of a Euro exit neither the threat of it. It also increases the control of the ECB to the Central Bank of Cyprus since an important tool to increase money supply within the country is foregone (and tackle future liquidity issues). As a consequence I believe that any negotiation (bargaining) power, through a potential Euro exit, that Cyprus officials have on future demands of Troika has gone as well. Can we do any worse?