For decades, Italians squirreled away banknotes under floorboards, in bottles stored in wine cellars or boxes under beds. Rampant tax evasion as well as a deep mistrust of authority--the government imposed a surprise tax on bank deposits in have helped make Italy one of Europe's most cash-oriented societies.
On average, Italians use cash alternatives such as credit cards or checks for just 75 transactions a year, according to the Bank of Italy, compared with the European Union average of roughly transactions a year.
Italians have discovered these forgotten treasure troves in the most unusual spots in the years since euro notes and coins were introduced in Often, people concealed the piles of cash, then died without telling anybody about their secret, leaving relatives to find them years later. Despite the particularly large amount of Italian lire still floating around, Rome set a more limited period years--for euro exchanges than some eurozone countries, such as Spain and the Netherlands.
Germany allows the conversion of deutsche marks into euros indefinitely. The move advancing the exchange deadline infuriated Italians who suddenly found their lira stashes worthless. In the summer of , for instance, a Croatian client of lawyer Marko Sabatini came to him to ask for guidance on exchanging 5 billion Italian lire--the equivalent of more than EUR2.
By late , the man hadn't changed the old lire, figuring he had until February When the government moved forward the deadline, he instructed Mr. Sabatini to file suit. Other lira holders who were turned away from Bank of Italy branches after the new deadline also sued.
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Home Top Share. Documents other than those listed above will be assessed in terms of reliability by the Bank of Italy on a case-by-case basis. Under current legislation see the section 'legal framework' it is not possible to convert lire. On 28 February , banknotes and coins in lire ceased to be legal tender. On 21 January , the Ministry of Economy and Finance MEF , implementing the ruling of the Constitutional Court and to guarantee the certainty and transparency of exchange operations, required applicants to provide proof of their application to exchange lira currency between 6 December and 28 February , specifying the amount.
On 22 January , the Bank of Italy branches open to the public began to make lira-euro exchanges, in compliance with the instructions issued by the MEF. Each of the other countries that have adopted the euro has decided whether or not to set a deadline for the conversion of their previous currencies into euro. The deadlines adopted by the various countries are published on the European Central Bank's website.
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