Greece introduces ATM Tax

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I and many like me, before me, and after me will warn you about how governments turn predatory when the coffers are running dry. Here’s what I mean……

Greece introduces cashpoint tax in desperate bid to raise revenue and stop run on banks as country teeters on brink of bankruptcy

  • Greek ministers expect to raise up to €180 million from the new surcharge 
  • They hope it will also deter savers pulling billions out of struggling banks 
  • Charge of €1 will apply to all ATM withdrawals and transfers over €1,000
  • But those paying money in to their bank accounts will not be affected 

Greece has revealed it is to introduce a surcharge for all cashpoint withdrawals and financial transactions in a desperate attempt to prevent citizens withdrawing their money from the country’s beleaguered banks.

Ministers hope the controversial move could raise as much as €180 million, which the Athens government hopes will help the country avoid defaulting on debts owed to international creditors.

As the Greek economy teeters on the verge of bankruptcy, millions of panicking citizens have completely cleared their accounts – pulling more than €28 billion out of banks and pushing the total cash revenue held in the country’s financial institutions to a 10-year low.

Read the full article here.

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