Mattress cash is used to pay taxes

Money has been dug out from under mattresses to pay a large part of citizens' tax payments in the latter part of this year. This amount is estimated at around 5 billion euros and it is the figure by which the physical money circulating in the market has been reduced, as recorded by the Bank of Greece.

Central bank data show that cash in circulation (i.e. not deposited in bank accounts) had decreased at the end of October to 43.8 billion euros from 49 billion at end-October 2015.

If one deducts from that amount the 29.3 billion euros that the European Central Bank distributes in the form of banknotes and which is in Greek people's pockets, then the remaining 14.5 billion is the money stored in safe deposit boxes and under mattresses. This figure has fallen 6.5 billion euros within one year, from 21 billion in October 2015.

The amount of cash outside of the banks...