Crisis: Greece; Any transaction in excess of 500 euros only be allowed via credit or debit card or by check

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Crisis: Greece; cash payments ceiling to drop to 500 euros


31 December, 13:39


(ANSAmed) – ATHENS, DECEMBER 31 – In Greece any transaction in excess of 500 euros will soon only be allowed via credit or debit card or by check, daily Kathimerini reports citing a plan by the Finance Ministry aimed at combating tax evasion. The ceiling for cash transactions is to be lowered from 1,500 euros today to 500 euros and could be reduced further over in the course of 2013. Ministry sources say that in the first quarter of the new year all companies and certain self-employed individuals will have to obtain the POS (point-of-sale) terminals that provide for card transactions. This forms part of the government’s plan to contain tax evasion and increase state revenues. Ministry officials stress that public revenues can only grow through beating tax evasion, as there can be no more cuts to expenditure except for procurements. (ANSAmed).

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