Why Hide Money Under A Mattress When You Can Hide It Under A Swimming Pool?

swimming pool

Yesterday, Reuters reported Greeks and Italians had begun taking their money out of banks and putting it in safe-deposit boxes. One banker said he’d seen a five-fold increase in deposit box rentals.

But safe-deposit boxes aren’t the only places to stash cash.  One man is reportedly hiding his money under a swimming pool.

To reverse the trend of withdrawals, banks have embarked on an interest-rate war, with some small lenders offering interest rates of up to 7 per cent on savings accounts.

The ECB reported this morning that banking activity at Euro-area banks declined by 17 per cent last week.

Current accounts, fixed-term deposits, day-to-day money and reverse repo transactions at Eurozone lenders together dropped to €79 billion from €95 billion.

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