BRKG: Italy Banning Cash Transactions Over €5,000 As Latest European Austerity Package Revealed

Italy Banning Cash Transactions Over €5,000 As Latest European Austerity Package Revealed

Submitted by Tyler Durden on 05/24/2010 11:40 -0500

[link to www.zerohedge.com]
As part of its new austerity package, any cash transactions over 5,000 euros ( $6,188 ) will be banned in an effort to crack down on tax evasion, a government source said on Monday, reports Reuters. "Reducing the ceiling on cash transactions, which currently stands at 12,500 euros, forms part of the package of public sector hiring and wage reductions and spending cutbacks being prepared by Economy Minister Giulio Tremonti, the source said. The limit will also apply to cashiers' cheques." Yet another insolvent banking system comes to light, as all major transactions must occur within confines of Italy's financial institutions. We are confident this "simple" toggle will promptly fill Italy's empty tax coffers. Or not.


[link to wallstreetpit.com]

Last Edited by Mister Obvious on 09/11/2011 12:16 AM