Why were first banks of Ancient Greece unique?
Ever wondered about the first banks? They were too unique to even imagine and they were very different from that of today's. Lets explore about it today...!
In Greece, the first banks were the temples. One reason for this was that the temple offered a secure place to keep gold and silver.
During the wars between Greek and States, temples were spared, for all Greeks had a common religion. So, the temples of Ancient Greece were very rich. But although they acted as banks by being places of security, they didn't grant interest on the money deposited.
There were also private banks in ancient Greece. They were like moneylenders. They would set up tables in the market place, and conduct their business from there.
The banks of Ancient Greece accepted money for safe keeping, and lent money. Of course, though they did not pay any interest on the deposits taken, they did charge a heavy interest on the money lent!
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