The Bank of Greece is closely monitoring the safes of Greek citizens after ECB‘s intention to withdraw the circulation of the 500 euro bill.
Bank sources mention that one of the aims of this approach is to return amounts of money that circulate in big bills outside of bank accounts, in order to have stock for future actions. The increase in deposits that is going to result from this plan, will benefit the economy and the banking system, whereas the withdrawal of big bills will favor the combat against money trafficking from illegal activities, tax evasion, etc.
However, according to the bulletin by the Bank of Greece, any citizen that rushes to deposit the 500 euro bills which at some point he/she withdrew in the last six years due to the insecurity of the Greek economy, he/she will be handled as a “suspect.” More specifically, the Bank of Greece asked the banks to keep a record of all the information and transactions of anyone that exchanges the 500 euro bill. In short, any citizen will be registered and he/she can receive an inspection at any time as to how he/she received the money. Apart from that, the actual economic situation of the client will be noted, which will be very useful for the calculations regarding the newest changes that the government is discussing with the creditors‘ representatives for the program evaluation.
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