Italy now limiting cash transactions

dublinguy2004

Seemingly you can now only withdraw €5k of your own money in Italy.

http://uk.reuters.com/article/idUKTRE64N36720100524

Preventing "tax evasion" or protecting their economy against panic that may soon be unleashed across the Eurozone? Does Ireland have such a "contingency" plan?

RoadKillTs

Seemingly you can now only withdraw €5k of your own money in Italy.

Where does it say that?

In an effort to crack down on widespread tax evasion, the government will ban the use of cash in transactions over 5,000 euros, lowering the ceiling from 12,500 euros, Tremonti's memo said.

hmmm

Looks perfectly legitimate to me.

Atlantic Dawn

Ireland has a cash limit of I think €15k where all retailers have to report transactions in cash above it, same applies to banks.

dublinguy2004

Atlantic Dawn wrote: »

Ireland has a cash limit of I think €15k where all retailers have to report transactions in cash above it, same applies to banks.

I've been questioned over much smaller amounts of cash. Fair enough - banks don't want to deal with customers with hot money. Their bank, their rules.

I suppose eventually, the government/banks want us all to be using electronic money and we'll have to ask for their permission/authorisation to spend your own hard-earned.

Having access to cash in economically turbulent times is extremely important IMO.

Stinicker

This is not about Tax Evasion as we speak the majority of citizens throughout Europe as blissfully unaware of the unfolding crisis gripping the Eurozone mostly due to the propaganda spouted by state controlled media and media controlled by vested interests.

We are on the cusb of a similar crisis which hit German Weimar Republic in the 1930's. The Euro will soon be worthless and when the Bankign Guarantee here expires there will be a run on the banks and the majority of people will lose their life savings. The smart ones will not, having moved my money abroad after the election of Fianna Fail in 2007 I saw this mess coming and am now glad I acted on a nagging feeling. The Italians are introducing this now before the inevitable Euro wide collapse comes which will plunge a continent into turmoil and destabilize the entire European Union.

ScouseMouse

Where do you think is immune from the turmoil, outside of europe?

The US?

Any suggestions.

pocketdooz

superscouse wrote: »

Where do you think is immune from the turmoil, outside of europe?

The US?

Any suggestions.

What do you mean?

.

ScouseMouse

Stinicker wrote: »

The Euro will soon be worthless and when the Bankign Guarantee here expires there will be a run on the banks and the majority of people will lose their life savings. The smart ones will not, having moved my money abroad after the election of Fianna Fail in 2007 I saw this mess coming and am now glad I acted on a nagging feeling. The Italians are introducing this now before the inevitable Euro wide collapse comes which will plunge a continent into turmoil and destabilize the entire European Union.

pocketdooz wrote: »

What do you mean?

.

I am curious where or how, is the best way to protect any savings by moving them out of the euro - legally of course.

pocketdooz

Stinicker wrote: »

This is not about Tax Evasion as we speak the majority of citizens throughout Europe as blissfully unaware of the unfolding crisis gripping the Eurozone mostly due to the propaganda spouted by state controlled media and media controlled by vested interests.

We are on the cusb of a similar crisis which hit German Weimar Republic in the 1930's. The Euro will soon be worthless and when the Bankign Guarantee here expires there will be a run on the banks and the majority of people will lose their life savings. The smart ones will not, having moved my money abroad after the election of Fianna Fail in 2007 I saw this mess coming and am now glad I acted on a nagging feeling. The Italians are introducing this now before the inevitable Euro wide collapse comes which will plunge a continent into turmoil and destabilize the entire European Union.

This is just waffle, I wouldn't pay any attention to it.

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pocketdooz

superscouse wrote: »

I am curious where or how, is the best way to protect any savings by moving them out of the euro - legally of course.

Just open a bank account in Belfast and change your money to Sterling. It's not rocket science.

Alternatively, open a U.S. brokerage account and buy USD.

.