[Kartographer]

The European conflagration grows.

[Kartographer]

PING!

[Roccus]

Coming to a bank near you.

[AAABEST]

People don't like hearing about banks cutting off depositors, regardless if it's their bank or not. That it's the BANK OF ITALY makes matters worse.

The term "ripple effect" comes to mind. So does "loss of faith."

[Kudsman]

Hmmmm, bump. Nothing smart or stupid to say.

[HangnJudge]

http://investmentwatchblog.com/report-italian-bank-declares-holiday/

REPORT: ITALIAN BANK DECLARES ‘HOLIDAY’
June 10th, 2012

BNI depositors unable to make withdrawals / payments, payments of utility bills, mortgage payments, taxes

Peter Giordano, Adiconsum: “Grave of the Bank of Italy’s attitude that takes action without considering the impact on depositors, and especially on single-income families and pensioners”

Adiconsum Bank of Italy asks for an urgent meeting and the lifting of the

The Bank of Italy authorized the suspension of payments by Bank Network Investments SpA (BNI) without communicating anything to the depositors.

Very serious and unacceptable – says Peter Jordan, Secretary General Adiconsum – the attitude of the Bank of Italy SpA in each BNI, because highly prejudicial to the interests of customers.

Bank of Italy, in fact, after extending the receivership of the bank, thus giving the impression of an imminent rescue, then gave the green light for compulsory winding up, without giving any prior notice to the depositors, leaving them in no condition to perform any type of operation, even basic ones for daily survival, such as withdrawals / payments, utilities payments, rates, taxes.

[GOPJ]

http://www.weissratings.com/products/banks-and-thrifts.aspx

Last I checked Weiss had two banks in Florida with an A rating.

[mrsmith]

Another translation:
http://www.microsofttranslator.com/bv.aspx?from=it&to=en&a=http://www.adiconsum.it/Pages/News.aspx?n=1675

(Now “microsofttranslator.com” Wow, RIP Babelfish an internet pioneer... “So long, and thanks for all the Babelfish!)

[packrat35]

Think it can’t happen here in the US. Think again!. That is why I tell everyone to keep $200 minimum in cash at their house. Best to have in smaller bills, cause if your bank crashes or a bank holiday is “declared” out of the blue, you won’t have any access to funds.

[phockthis]

sfl

[PapaBear3625]

There are a large number of references to this story in various blogs, but looking for "Bank Network Investments" draws a blank EXCEPT for these stories.

What is "Bank Network Investments" (allegedly the "4th largest bank in Italy")? One would assume that a website for it would exist? One would assume that there would be references to its EXISTENCE somewhere, outside a few blogs?

[Erik Latranyi]

Type:

BNI Bank Holiday

in a search. You will find lots of hits in English.