Italian Banks Upset with Level of Cash Use; Underground Economy 22% of GDP
January 4th, 2011
The Italian Banking Association has declared “war on cash” in a country where credit-card usage is less than half the European Union average, according to the Bank of Italy. The association, known by its Italian acronym ABI, says it costs banks and companies as much as 10 billion euros ($13.3 billion) a year to process cash payments, mainly in increased security and labor. Rome-based ABI aims to cut those expenses by promoting electronic payments with credit and debit cards and wire transfers in both the public and private sectors.My heart bleeds for those scum sucking asshole bankers.
“Italy urgently needs these changes to catch up with other countries like France, which has allowed non-cash payments for public services for more than two decades,” said Rita Camporeale, head of payment systems and services at ABI.
Italy’s culture of cash is deeply rooted. Italians are the euro region’s least-indebted consumers and among its biggest savers, according to 2009 Eurostat data. Companies often pay salaries in banknotes to evade taxes, particularly in the country’s southern region, where organized crime is prevalent.
So, the underground economy over there is estimated at 22%?
That is surely putting a crimp in those sonsabitch money exchangers wallets.
This is what we need to do people, starve those motherfuckers, make them pay extra because using cash costs them money. Besides that, the PTB can't trace the stuff. They can't search your electronic trail to see what you have bought at Safeway or whether you paid the neighbor to fix your car under the table or bought a couple of bags of potatoes from the local Farmers market.
Of course, they will try to find a way to get that money back, as we see here, by getting the government involved but hey, this little example of Fuck You, made my day.