The passing of an extraordinary edict making cash transactions of more than Euro 1,000 illegal (not subject to reporting – just plain illegal). Following Prodi’s own desire, the existing regime has indicated that this level will be progressively reduced to a limit as low as Euro 300. Hence cash is maybe for the first time in history no longer legal tender (over Euro 1,000, for now);
A requirement that credit card companies report all transactions carried out by Italians, in Italy and abroad to the fiscal authorities;
Delays and refusals by banks in allowing customers to withdraw cash balances of as little as Euro 10,000;
Finance Police has placed cameras at the physical borders with Switzerland (see below) to register all license plates. In addition, currency-sniffing dogs have been deployed at the border
Bill, this is a very bad development. It appears that the periphery of the Eurozone is collapsing more quickly than I expected. For citizens of Italy, it appears now is time to go dark.
Capital Controls come to Italy
ReplyDeleteThe passing of an extraordinary edict making cash transactions of more than Euro 1,000 illegal (not subject to reporting – just plain illegal). Following Prodi’s own desire, the existing regime has indicated that this level will be progressively reduced to a limit as low as Euro 300. Hence cash is maybe for the first time in history no longer legal tender (over Euro 1,000, for now);
A requirement that credit card companies report all transactions carried out by Italians, in Italy and abroad to the fiscal authorities;
Delays and refusals by banks in allowing customers to withdraw cash balances of as little as Euro 10,000;
Finance Police has placed cameras at the physical borders with Switzerland (see below) to register all license plates. In addition, currency-sniffing dogs have been deployed at the border
http://www.cdt.ch/ticino-e-regioni/cronaca/56250/fiscovelox-riapparsi-no-mai-tolti.html
http://www.zerohedge.com/news/guest-post-has-italy-gone-fascist
Good weekend to you PW
Bill
Bill, this is a very bad development.
ReplyDeleteIt appears that the periphery of the Eurozone is collapsing more quickly than I expected.
For citizens of Italy, it appears now is time to go dark.