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The Economy: “Bank Runs Have Begun in Italy, ATMs Being Emptied”

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“Bank Runs Have Begun In Italy, ATMs Being Emptied”
by NewsRoom
 
“We have numerous reports of BANK RUNS taking place right now throughout Italy.  Reports of lines of people at ATM’s are draining the automatic tellers of all cash. This comes after weeks of speculation about the health of several Italian banks, including the oldest Bank Monte dei Paschi, which has been in business since the year 1472 – twenty years before Columbus discovered America!
 
Snce March of this year, SuperStation95 has been reporting the Italian banking system is a “leaning tower” heading toward collapse at literally any moment. And as Italy’s banks begin to go down like dominoes, it is going to set off financial panic all over Europe unlike anything we have ever seen before. We even wrote about the troubles in Italy back in January, but since that time the crisis has escalated. At this point, Italian banking stocks have declined a whopping 68 percent since the beginning of 2016, and when you look at some of the biggest Italian banks the numbers become even more frightening.
 
Shares of Monte dei Paschi were down 4.7 percent, and they have now plummeted 86 percent since the start of the year.  Shares of Carige were down 38 percent, and they have now plunged a total of 88 percent since the start of the year. This is what a financial crisis looks like, and just like we are seeing in South America, the problems in Italy appear to be significantly accelerating.
 
So what makes Italy so important? Well, we all saw how difficult it was for the rest of Europe to come up with a plan to rescue Greece. But Greece is relatively small– they only have the 44th largest economy in the world. The Italian economy is far larger. Italy has the 8th largest economy in the world, and their government debt to GDP ratio is currently sitting at about 132 percent. There is no way that Europe has the resources or the ability to handle a full meltdown of the Italian financial system. Unfortunately, that is precisely what is happening. Italian banks are absolutely drowning in non-performing loans, and represents “the greatest threat to the world’s already burdened financial system.”
 
As this “run” continues, Italian banks will fail and be closed. Once they are closed, it will begin to take out big banks elsewhere in Europe, from whom the Italian Banks have borrowed. That will spark bank runs in Europe, and some very  (VERY) large banks in Europe will fail. Once that happens, it will hit Banks in the USA… game over.
 
We encourage readers in the rest of the world to have CASH MONEY in their possession at home, in case banks are closed for a “bank holiday” which could last for WEEKS.  If the banks are closed, CREDIT and DEBIT CARDS WILL NOT WORK. You have to have enough cash to survive, enough to buy FOOD and perhaps FUEL. Never mind paying bills; this could end-up being “survival.” Folks without cash will starve.
 
 Earlier today in Rome: Eurogroup head Jeroen Dijsselbloem earlier today said he was not “particularly” worried about Italian banks. More interesting was his insistence that “there have always been and will always be bankers that say ’we need more public money to recapitalize our banks…. and I will resist that very strongly because it is, again and again, hitting on the taxpayer.” He then added that “the problems with the banks need to be sorted out in the banks and by banks.” He sided further with Germany’s Angel Merkel camp when he said that he finds the ease in which bankers ask for public funds to sort out problems is “very problematic.”
 
Dijsselbloem added that “there has to come an end to” bankers asking politicians to solve their problems. His statement comes just a day after David Folkerts-Landau, the chief economist of Deutsche Bank,called for a €150 billion bailout for European banks, confirming that it is no longer just an “Italian” issue. Dijsselbloem’s further comments showed that he won’t be easily swayed absent a market-wide panic and/or a steep slump in the economy. “I think they’re talking constructively to try and find solutions within the European frameworks,” says Dijsselbloem before a meeting in Brussels Monday cited by Bloomberg. “Yes, there are issues of non-performing loans in the Italian banks, but that’s not a new issue. It needs to be dealt with. It will have to be dealt with gradually. There will be no big solutions. It’s not an acute crisis. That also gives us some time to sort these things out. So as long as the authorities in Italy and the banking authorities are constructively talking, I think we should allow them the time to do that.
 
BRRD rules are clear. They are, of course, also strict in the sense that they make very clear when there needs to be a bail-in and who needs to be bailed-in in what order. And within that framework a solution still can be found. I mean, you still have to deal with banks sometimes. And it’s still possible. But it has to be done within those rules.”
 
Customers wait for access to ATM’s
 
He wasn’t the only one. Also today Austrian Finance Minister Hans Joerg Schelling says he has “no” sympathy for bending bank bail-in rules. ”Europe has few rules, but these rules must be adhered to. And we can’t discuss the rules every two years. If we give ourselves rules, we must apply them.”
 
His punchline was one we first noted two weeks ago, when Renzi tried to scapegoat the Italian push for a bailout on Brexit: “What’s happening in Italy has nothing to do with Brexit. The non-performing loans under discussion for offloading into a bad bank have been around for many years and have nothing to do with Brexit. One shouldn’t use Brexit as an excuse for one’s own failures. I expect there to be a tough position” toward Italy.
Needless to say this was the worst possible news for an Italian banking sector which many view as the next contagion hotspot, and which as the chart below shows continue to trade at crisis level.”
 
 
Related:
“Charting The Epic Collapse Deutsche Bank, The World’s Most Systemically Dangerous Bank”
https://www.superstation95.com/index.php/
 

“Another 2008 Similarity Is Afoot”
(Oh no, this is magnitudes bigger and worse… – CP)
 
“What Economic Recovery? 62% of Americans Don’t Even Have $1000 in Savings”
(Sound familiar, Good Citizen? – CP)
 
 
Soon, to a neighborhood near you! And then – what?
 



Source: http://coyoteprime-runningcauseicantfly.blogspot.com/2016/07/the-economy-bank-runs-have-begun-in.html

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    Total 20 comments
    • carolina4

      you shouldn’t have loaned all that money to europeans trying to make a go of it in america. they owe millions in mortgage and credit card debt. all in an effort to replace american jobs. thanks to the bush-clinton-obama dynasty. go home, fools. your perverted run is starting to wear on God fearing americans.

      • Sean

        Relax..that 1st Photo is an Art Museum :lol: BIN is a Satire Website..like The Onion..No One Takes Them Seriously..they just make these stories up…like The Onion and wait for some Idiot too Bite and their you are and 1st no less…people like Lisa Haven, Dave Hodges, Atlas Shrugs, Due Diligence, Coyote Ugly, and you believe this Sh”t, just come here and have a good laugh with the rest of Us

        • Dave 1963

          When you fall off the flat earth you’ll believe in BIN!

          Seriously they do put up a lot of BS stories here. There is at least one end of the world scenario per week. They have all the credibility of Y2K and the Mayan Prophecies. But on occasion they come up with a real issue censored by the main stream press with a real link to a real story. But yes 95% pure garden grade BS on average!

      • apache5

        don’t forget Obama, he just put the icing on the cake!

    • Anonymous

      There’s no evidence to suggest that bank runs are occurring in Italy.

      • b4

        martin armstrong,a very reliable source with offices in rome said on his website today that bank runs are happening in italy

      • ElOregonian

        THIS AN OLD STORY FROM JANUARY 21ST 2016 FROM SUPERSTATION 95.

        https://www.superstation95.com/index.php/world/796

      • deano

        No mention of the VATICAN BANK.
        Pope Francis, the Argentine-Nazi gold, was placed in power(Ratzfinger stood down) to sort out the CORRUPTION in the papal finances.
        Cardinal PELL of Aus , ($$ profit Catholic wiz/ pedophile protector), is now there to clean up their act…..

        @ :shock: ~2013> Deutsch Bank shut down Vatican City ATMs to enforce transparency. That alone, was costing the Papal coffers $ 40 000 Euro a day……..in lost revenue from tourist$, using petty cash instead of withdrawls for ICONs…….

        Like Cyprus was Bankrupted, Greece Bankrupted, the Italians already know of the corruption in Rome & would be the 1st to make a run on the banks……

        Vatican Priests, lovers of SWISS Banks, & lovers of SWISS Gaurds in Pantyloons…..

      • DK

        The article is from January 2016, give the author his due Italy’s banks are mostly bankrupt entities, there was a panic in September 2015 when four banks foreclosed taking a pensioners entire 110,000 euros savings as collateral before the EU bailin legislation was ratified by the Italian government in January 2016, he committed suicide prompting a government rethink, actually his deposit of 110,000 Euros should have been protected and only 10,000 of it subject to the legislation which would come into effect the NEXT year, so at the time of the bank bailin his deposit should have been safeguarded in full by the taxpayer, and in part in 2016- the first 100,000 euros.(http://www.bbc.co.uk/news/world-europe-35062239)

    • Anonymous

      The picture with the dog is from the Greek banking crisis. The story is a fraud.

      • ItsEverywhere

        Anything from “Superstation 95″ is BS

    • Snowball

      disinfo.

      here’s the real news on Italian banks:
      http://www.reuters.com/article/eurozone-italy-banks-dijsselbloem-idUSL8N19X44M

    • AlmostThere

      Funny I read news in Italian, and there is no mention of such a thing.
      You lie.

    • Anonymous

      This is absolute total BINWORLD here. Although it easy to do (research information), BINNER “reporters” seem to have a total aversion to doing this. But boy, are they ever good at cutting and pasting! Awesome job here.

    • harry

      The IMF will soon bail them out with a 150 billion dollar insert / when will these fools learn …

      • Redlist Renegade

        When will the IMF learn ? When they (and the Federal Reserve) can no longer print scads of worthless Fiat Currency that’s backed by nothing but Fairy Tales and distribute it after the entire World economy has collapsed like domino’s , THAT’S when !!!

      • DK

        What is a few hundred miles between friends ! :grin:

    • Morgana Le Fay

      Figures they’d blame it on BREXIT, which looks less and less like it’s going to actually become a reality. They’ll also use it as an excuse to stall any other nations from trying to follow suit with a referendum to leave the EU.

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