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Currency Euro Follies.
The Irish like to keep it in the mattress. The Germans stash it in Luxembourg bank accounts. The Spaniards, some say, hide it in the freezer. They call it dinero negro--black money that by any other name might be Deutsche marks, lire or pesatas. But come the new year, they're all history. And the proceeds of Europe's vast underground economy have to go public by being converted into euros. So, how do Europe's savvy double-dealers avoid the consequent scrutiny of the taxman? PERI counts the ways:
Villas in Marbella. Mediterranean real-estate purchases have skyrocketed in the past two months. A near 30 percent rise amid a global recession. Please. Then there are the flashy cars--sales of Mercedeses have risen by 37 percent this year; and Audi and BMW trail not far behind. Jewelry, electrical goods, fine wine and art ...
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Source: HighBeam Research, Currency Euro Follies.