Your 10 euro bills tomorrow will only be a piece of paper. From midnight today, the money you treasure in your pocket will not be worth anything. Citizens who wish to exchange their notes for others of lesser value will have to wait until next week when the banks open again. For the time being, they will remain closed by a presidential order. Until then, no one shall exceed the limit imposed on exchanges, and an ID will be required at the counter.
This notice is a half-fiction. It does not concern any country of the European Union, so no European should worry. But it has just happened in India, where President Narendra Modi surprised his citizens with an announcement similar to this one that went into effect without prior notice. «Black money and corruption are the biggest obstacles to eradicating poverty», the president said in his defense of a measure as radical as eliminating much of the money circulating overnight in the country. Continue reading