Following a spate of revelations regarding the contamination of Euro notes with cocaine, the street price of the notes is now rising above face value.
The most prized notes are those from the Republic of Ireland, where a recent study found that 100% of the notes have traces of cocaine. However also prized are Spanish notes, as they are almost certain to contain the class A drug.
Patrick McHugh of the Central Bank of Ireland raised concerns over the money supply. “It is a double whammy, to be sure. Notes are being taken out of circulation by people trying to get their hands on the cocaine, this is putting a huge pressure on the amount of coinage in circulation. That is what is really getting up my nose.”
Garda Inspector Bill O’Reilly said that the effect on street life in Dublin was immediately noticeable. “Its pretty amazing watching people trading in the streets,” he said. “They are bartering way above market rates to get their hands on the notes. It just isn‘t normal to see people wandering the streets of Dublin with a pig under each arm. Normally the left one is empty.”
Fifty Euro notes seem the most prized as they contain the most cocaine. Currently they are have a value of €67each on the streets of Dublin.
Madrid Police say that their experience is similar to that of their Irish counterparts, only slightly less frenetic due to the lottery aspect of the clean 6% of notes. Spanish issued fifty Euro notes are currently trading on the street at €54.
“At some point the price going to be reflected in the markets when the big international money men get in on the act.“ explained Mr McHugh. “That is when we are really going to go high”
Thursday, January 11, 2007
Price of Euro notes rising
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