Greek newspaper Enikonomia announces that the Syriza government has launched a new scheme that could very easily lead to gold confiscation. Straying ever farther from their socialist, anti-government roots, the ruling party has announced that Greeks will have to disclose all assets held outside of the banking system, so they can be taxed. The new law applies to physical cash in excess of €15,000 ($16,300), and “valuables, precious items, precious metals, [and] gems” totaling over €30,000. These limits for for entire households, including minor children, not per individual.
While this law initially only targets “parliamentarians, civil servants and employees, media owners and other categories of persons,” it is being widely seen as the first step in confiscation of assets held outside the government’s reach. Even assets held outside the country must be declared, so the government can tax them. One assumes that failure to disclose this assets will result in their seizure.
The recent closing of Greek banks for two weeks during the latest financial crisis only underscores the need for ordinary people to hold physical money and precious assets. If this new law does lead to gold confiscation, it may be seen as a template for other financially distressed nations to follow.
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