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Apparently there’s about 108 million x 500 € notes currently in circulation (= 54 billion € !!) of black money from illegal real estate transactions and the Spanish Government would love to have it in the banks to help their current financial crisis.
Why does considering ‘turning a blind’ eye to this illegal practice not surprise me, afterall there’s an advantage to be gained…..viva Spanish ‘logic’.
http://www.typicallyspanish.com/news/publish/article_18302.shtml
B***** H***.
The total GDP for spain in 2007 was only 1,438,959 USD.
They must all be sleeping on king-sized beds with very lumpy matresses 😆
Maximus – a lumpy money-mattress, how I would love one of those….
But maybe the Spanish Government has not considered that some of these billions may have already been laundered into valuable works of art etc. like Roca did.
He had so many, he was hanging them above the bath!
A painting by Joan Miró, in one of Juan Antonio Roca’s bathroomsJust over 5% of GDP in black money, wonder how that compares with other med counties, Italy, Greece, Turkey etc would also be great to know what the figure is for UK
Even our 2004 figure beat Spain! we must be streets ahead by now!
jiminspain
don’t forget all the ‘black money’ not paid back to all those swindled in the various Spanish property scams. Spain certainly leaves the UK behind on that one!
Thinking my 1.50 exchange rate is starting to look a bargain 😀
Just Dan 8)
Spanish Prime Minister Jose Luis Rodriguez Zapatero and French President Nicolas Sarkozy arranged meetings with the heads of their respective country’s main banks to discuss the global financial crisis – and said the two leaders would meet later this week.
I can just see how it went…:
>Hola Nik I’ve got this great idea
>Go on, what are you putting forward this time Zap?
>You know we have this concrete mass that is not only weighing Andalucia down
>Yes Zap I’m fully aware you have concreted over anything and everything in the whole of Spain
>Well lots of people made money didn’t they
>Yes Zap they did, but most of it was illegal
>Illegal or not I’ve a great idea
>Your going to put you foot in it this time again aren’t you Zap?
>No this is fantastico
>I’m waiting Zap
>Well all that black money people made why don’t we say, look we let you make billions and now our economy is down a little
> Zap what do you mean down a little, you can’t cover this up any longer
> Ok but what they don’t know won’t hurt them…anyhow on to my grande idea….We say put your black money into a bank account and we’ll say thank you for saving Spain from hell.
> Zap, Zap, Zap have you any idea….
>Nik, don’t worry I’ve already got the name of the bank, ‘Banco Don Colchón’A succinct overview from Giles Tremlett (author of Ghosts of Spain, a history of modern day Spain – best book ever) in the Guardian today.
http://www.guardian.co.uk/world/2008/oct/07/spain.black.market
So you won’t need a mattress, Charlie – a floorboard will do.
roots
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