The European crisis... is this true? Spain supposedly outlaws transactions over 2500 Euros

[muriel_volestrangler]

5. *Cash* payments

It's an attempt to stop tax evasion by people who don't declare their income, by taking and making payments in cash.

Spain announced plans on Friday to crack down on tax dodgers as it tries to scrape together extra funds to meet stringent budget targets this year.

Several independent economists estimate Spain's underground sector may account for up to one fifth of the economy, and many Spaniards have been working cash-in-hand to tide themselves over as unemployment is tipped to reach 24 percent this year.

The draft bill proposes to forbid cash payment for more than 2,500 euros ($3,300) and demand taxpayers declare overseas assets. Failure to comply with the new measures will result in fines, the government said.

http://uk.reuters.com/article/2012/04/13/uk-spain-fraud-idUKBRE83C18E20120413