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Thursday, April 12, 2012

Black Market in Spain: Cash Transactions Exceeding 2,500 Euros Now Banned

As economic misery intensifies, folks are embracing the underground economy (typically cash) and governments are in an absolute panic. All governments want to ultimately ban all cash transactions because they can't trace, track and steal it. Spain is now cracking down on the underground economy.
The Prime Minister, Mariano Rajoy, has announced on Wednesday that the plan to combat tax evasion on Friday approved the Cabinet prohibit the payment in cash transactions of over € 2,500 and n which at least involved a businessman professional. During the control session the Government in the House of the Congress of Deputies and in response to a question about the tax amnesty made by the general coordinator of IU, Cayo Lara, the Prime Minister has revealed that those who violate the ban will face fines of 25% of the payment made ​​in cash.
Read the rest here
Mish's Global Economic Trend Analysis
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