Toilets clogged with piles of money in Switzerland

Economy Nilgun Salim
https://stocknewsusa.com/wp-content/uploads/2017/09/Flush-Profits-Down-the-Toilet.jpg

A Geneva official confirmed on Monday the information published by a local daily related to several toilets clogged with piles of money.

Yes, an unknown person clogged toilets with 500 euro banknotes.

A month ago, similar cases were reported in three different restaurants and a bank.

In a pizza place, the toilet was so stuffed with so many 500 euro banknotes, that the water eventually ended flooding the entire bathroom, writes the same paper.

A spokesman for the Prosecutor’s Office in Geneva said the banknotes thrown and cut into thousands of pieces cost worth tens of thousands of euros.

However, the origin of those banknotes is still unknown, the authorities claim.

The €500 banknote will be removed from circulation by the European Central Bank

According to a bank statement, the largest euro banknote could be used until 2018.

European officials adopted the radical decision during their attempt to reduce the illicit activities in which this banknote is being used.

The European press pointed out that the 500-euro banknote is the favorite of drug traffickers and counterfeiters.

Dubbed as Bin Laden, because they are scarce and few people have it in their wallet, 500 euro banknotes represent only 3% of the total euro banknotes, but represent 28% of the cumulated value of the euro, or 300 billion euro.

In March, only 600.000 banknotes were in circulation.