BofA analyst Athanasios Vamvakidis says the ECB should retire the €500 note. Some argue that as...

|By:, SA News Editor

BofA analyst Athanasios Vamvakidis says the ECB should retire the €500 note. Some argue that as much as 90% of the bills are held by organized crime. In theory then, the ECB could set a deadline for all €500 notes to be either deposited or exchanged upon proof of legitimate acquisition. Presumably, the ill-gotten portion would not be redeemed, would become worthless, and the difference between the bills that were not redeemed and their original face value would be a profit for the central bank.