Wednesday, February 17, 2010

Argentina On The Mediterranean

HIGHLIGHTS-Greek FinMin unveils tax reform, wage policy

There's likely some good in the austerity measures being imposed on Greece, but this one smells like Argentina.

"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"

Next we may see freezes on savings accounts and limits on withdrawals. I think the slide is picking up steam.

The other proposals listed in the article smell like half measures and concessions.

Good luck Greece.

1 Comments:

At 10:08 AM, Blogger edgar said...

The death of cash is nigh.

 

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