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Public Greece Author: Kristina Dosen
The Greek Ministry of Finance, alongside the government, is setting aside the plan it was working on to reduce the limit of using cash for payment of transactions to 200 euros from the 500 that applies today.
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Content accuracy validation date: 27.03.2023
Content accuracy validation time: 08:59h

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On a technical level, strong reactions were expressed by officials of the European Commission and the European Central Bank who believe that there should be an "air" of cash in trade and in other sectors. In other words, it was stated that cash transactions support a part of the economy that cannot be served in other ways and therefore needs to remain active.

In the case of the reduction to 200 euros, moreover, the 500 euro banknote would  then need to be completely excluded from transactions, which could create problems in the banking system as well.

So the Ministry of Finance is focused on expanding the mandatory acceptance of payments with debit or credit cards, through POS (EFT) machines, in all business activities, even in small cities and villages, rather than lowering the cash payment limit at this time.

Amid further discussion, almost at the end of the process, the Greek authorities have given up on the idea of reducing the limit for cash payment of transactions. Therefore, the current cash payment limit still stays at the 500 euro mark.

 

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