PARIS (AP) – One fears the natural order of things has been upended if the French are giving up their wine. But financial woes have driven many to do just that.
Over the past year, cash-strapped Parisians have handed over thousands of bottles of grand cru to the Credit municipal de Paris in exchange for cash or loans.
The city-run lender and pawnbroker of sorts has seen demand for new loans soar in recent months. To help meet that growing need, it auctioned off about 2,500 bottles on Tuesday, May 12, bringing in nearly euro200,000 ($272,000) in fresh funds.
“In the wine cellars of Paris, and even in the wine cellars of the provinces, there are veritable treasures,” said Robert Gorreteau, wine expert at Credit municipal.
As the financial downturn deepens, more and more Parisians are converting those treasures to cash.
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