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Greece to Make All Large Cash Transactions Illegal
Key Excerpts from Article on Website of Christian Science Monitor
Posted: February 23rd, 2010
http://www.csmonitor.com/Money/The-Daily-Reckoning/2010/0216...
Embroiled in its debt crisis and looking for any avenue to bolster tax receipts [Greece] has done the unthinkable it has made [cash, in euros] illegal for transactions over 1,500 euros. Of course, larger credit- or debit-based electronic transactions over 1,500 will still be denominated in euros. However, electronic transactions clearly require infrastructure and limit personal freedom. From Reuters: From 1. Jan. 2011, every transaction above 1,500 euros between natural persons and businesses, or between businesses, will not be considered legal if it is done in cash. Transactions will have to be done through debit or credit cards. It seems wrong for the Greek state to dictate how cash euros can be used. In fact, its surprising that the EU-endorsed plan would allow Greece to control euro usage at that level. Despite the fact that the reform bill is a piece of an approved EU plan to help improve Greek tax revenue and reduce deficit, it seems to go too far in curtailing personal liberty. How much is a government willing to punish its own citizens for using too much of their own legal tender in an otherwise legal transaction?
Note: What gives any government the right to limit cash transactions? And why is the EU approving this unusual measure? Could this be part of a hidden agenda to push the public towards a cashless society?
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