Bank Run / Bank Holiday Italy: Network Bank Stopped All Payments And Withdrawals!

[youtube=http://www.youtube.com/watch?v=BCi6dRoCrxA]

• Have Bank Holidays Begun in Italy? Network Bank Stops All Payments & Withdrawals! 
  by http://www.silverdoctors.com/ 
  Reports have surfaced today that Italy’s Network Investment Bank has suspended payments and withdrawals. We now have reports about impending capital controls, and now an Italian Bank holiday at Network Investment Bank. The half life of the sugar rally from Saturday’s Spanish bank bailout appears to have been roughly 2 hours once the markets reopened. Italian report Google translated:
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  Network Bank stopped payments, customers furious Stop the transaction until July for the crisis of the institution.
  The website of the Bank Network.
  Network Investment Bank has suspended payments, causing great inconvenience to customers. STOP FOR A MONTH. The institute, in receivership since last November, announced that on May 31, the commissioners, “with the approval of the Monitoring Committee and with the approval of the Bank of Italy, have decided to suspend the payment of liabilities of any kind ‘for a month. The stop, communicated through the website of the bank, does not include client financial instruments. It was emphasized that “the measure was needed to tackle the difficult situation of the bank. angry depositors. To the rescue – in the few lines we read online – have stepped forward and the group Sim Consultinvest Savings Bank of Ravenna, but in the meantime, depositors are furious . For all spoke Massimo, police in Milan with his wife and two daughters in Messina: “Nobody told me anything and today (June 4), when I went to pay the mechanic, the ATM was not working. Even the credit can do. ‘ “MI HAVE REMOVED THE MONEY.” “Actually,” he added, “I have taken my money. In the book I have only 20 euros in cash and the escrow account where the salary is credited to me, how do I make ends meet? “. And to think that Bank Investment Network has as shareholders the names of the first floor of the financial world: Aviva Banco Popular De Agostini and Sopaf. “GUESTS OF PERSONS FINANCIALLY ADVANCED.” The customers of Bank Network, financial sources have noted, is composed largely of the “financially sophisticated individuals” able to understand the situation and wait for the definition plan of action by the group and Sim Consultinvest Savings Bank announced the release of Ravenna as special commissioners Click here for original source in Italian:
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• Bank Run! Italiano Style? 
  by Reggie Middleton, via http://www.zerohedge.com/ 
  In March of 2010, or roughly 2 and quarter years ago, I ridiculed Italy’s public proclamations of austerity and fiscal responsibility. I put out a report to my paid subscribers detailing my thoughts therein… see here!
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  Well, fast forward to today and Bloomberg reports Italy Moves Into Debt-Crisis Crosshairs After Spain (you know, the same Spain that we also warned about in March of 2010):
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  Italy’s 10-year bonds reversed early gains today in the first trading after the Spanish bailout. Their yield rose by the most in a day since Dec. 8, adding 27 basis points to 6.04 percent. Shares of UniCredit SpA (UCG), the country’s largest bank, had their steepest decline in five months. “The scrutiny of Italy is high and certainly will not dissipate after the deal with Spain,” Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London, said in an interview. “This bailout does not mean that Italy will be under attack, but it means that investors will pay attention to every bit of information before deciding to buy or to sell Italian bonds.”
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  Investors don’t need to focus on Spain’s bailout (although there are many common threads). All you need to do is look at Italy’s actual numbers and the credibility of thier reporting, as excerpted from BoomBustBlog subscriber document Italy public finances projection: …
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  And this is the crux of the whole problem.
  This why Italy is, for all intents and purposes, simply a gigantic Greece at the end of the day.
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  read more!
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  Gold To Protect As Bank ‘Holidays’, ATM and Deposit Withdrawal Restrictions and Capital Controls Loom! 
  by GoldCore, via http://www.zerohedge.com/ 
  … While the gold price has not surged as expected and appears to be consolidating near the $1,600/oz level (€1,300/oz and £1,000/oz), there has been a definite increase in demand in recent days , particularly this week and this morning, as the crisis is again leading to safe haven demand – particularly from European buyers.
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  There is a slow but creeping realisation that this crisis is soon to escalate and that financial contagion with risks to bank deposits (often guaranteed by insolvent states) and payment systems. Indeed, the entire modern financial system is at risk.
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  There are silent runs on banks in Spain, Greece and Italy.  The Bank of Italy authorized the suspension of payments by Bank Network Investments Spa (BNI) without communicating anything to depositors. The BNI, a large Italian bank, suspended operations and clients with bank accounts could not write checks, pay bills, make mortgage payments, use ATMs or debit and credit cards.   
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  The European Union is making preparations to contain the effects of panic if Greece was to exit from the Euro. Among the measures they are considering imposing are a limit on the amount of money that can be withdrawn from cashpoints or ATMS, imposing border checks and introducing currency controls to stop a flight of capital from countries.
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  As well as limiting cash withdrawals and imposing capital controls, they have discussed suspending the Schengen Agreement, which allows for visa-free travel among 26 countries, including most of the EU, though not Britain and Ireland.
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  EU officials are examining whether there is a legal basis for such extreme measures. While EU officials may manage to patch things up and delay having to implement such extreme measures they seem inevitable in the long term. Especially, as Japan, the UK and US are set to suffer their own debt crisis in the coming months.
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  These are risks that we have long warned of and it gives us no pleasure to see them come to pass. However, people who own physical bullion in their possession and in safe storage internationally remain positioned and prepared for these looming real threats.
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  read more!

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