The Smell of Money?
Europa Trust Company Ltd
22 August, 2016
In April 2016 the finance ministry in Greece advertised vacancies for dogs to try to help the country find money hidden by people not using Greek Banks. Europa Trust Company Ltd reports on this unusual recruitment drive.
Over 50 billion Euros left Greek banks between November 2014 to July 2015 on fears the country could crash out of the Euro. The crisis culminated in strict capital controls being put in place.
Just over a year later a Greek government website stated that the Finance Ministry would be forming a committee to put together a team of four specially trained dogs that will be trained to detect money.
The plan for the recruited dogs is to "sniff out" money of people potentially hiding it or trying to take cash out of the country. Banking sources estimate that anything between 15 and 20 billion Euros is still being hoarded in mattresses and personal home safes by Greeks. However, at the time of the recruitment Government post it was not stated whether the dogs will be used at airports, private residences or so-called hideouts.
The scheme to have four dogs trying to track down money is likely to have little, if any impact. Previous attempts to control cash flow in the country have equally been unusual. The former Greek finance minister, Yanis Varoufakis, announced plans to equip housewives, students and tourists with cameras and recorders to trap so-called tax dodgers.
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