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Author Topic: Two Italian Zombie Banks Just Went Under  (Read 565 times)
OROBTC
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June 24, 2017, 02:35:01 PM
 #1

...

Just read this item over at ZH:

http://www.zerohedge.com/news/2017-06-24/two-italian-zombie-banks-toppled-friday-night#comment-9772388

The banks are: Veneto Banca and Banca Popolare di Vicenza (both in NE Italy)

We are on vacation in Turin (in NW Italy, not too far from the region of the two failed banks).  Just today I pulled 250 euros from stronger Italian bank Intesa-San Paolo (who will take over the two zombies).  Tomorrow 250 more...  Funds from my US bank account.

I saw a gold coin for sale today (an Austrian 20 florins) for 225 euros, not a bad price.

There is a BTM here in Turin that I want to check out ASAP, I'm trying to figure out how to get there (many things in Italy are more complicated than you would expect).


Tourists in Italy take note!
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June 24, 2017, 04:19:12 PM
 #2

i'm in italy but i don't use any italian bank account, i just use deutesche bank, i find it the better choice, no fee on everything money come really fast

the limit is a bit low only 50k maximum to be deposited, maybe the only downside, is that deutesche bank was in toruble not long time a go, and still in red now...
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June 25, 2017, 08:24:28 AM
 #3

...

Just read this item over at ZH:

http://www.zerohedge.com/news/2017-06-24/two-italian-zombie-banks-toppled-friday-night#comment-9772388

The banks are: Veneto Banca and Banca Popolare di Vicenza (both in NE Italy)

We are on vacation in Turin (in NW Italy, not too far from the region of the two failed banks).  Just today I pulled 250 euros from stronger Italian bank Intesa-San Paolo (who will take over the two zombies).  Tomorrow 250 more...  Funds from my US bank account.

I saw a gold coin for sale today (an Austrian 20 florins) for 225 euros, not a bad price.

There is a BTM here in Turin that I want to check out ASAP, I'm trying to figure out how to get there (many things in Italy are more complicated than you would expect).


Tourists in Italy take note!
Bank don't just go under without notifications if any bank should do that,  then it only point to one thing which is that the Central Bank has failed the people. Over here the central bank carries out regular audit of banks and make sure they are adequately capitalised on a regular basis with those one sinking bailed out as well and if necessary, taken over in other to protect investors funds and that's how it should be. So also is the report made public that anyone following the news can know the right time to pull out his/her resources from such bank.



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OROBTC
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June 25, 2017, 04:30:12 PM
 #4

...

Just read this item over at ZH:

http://www.zerohedge.com/news/2017-06-24/two-italian-zombie-banks-toppled-friday-night#comment-9772388

The banks are: Veneto Banca and Banca Popolare di Vicenza (both in NE Italy)

We are on vacation in Turin (in NW Italy, not too far from the region of the two failed banks).  Just today I pulled 250 euros from stronger Italian bank Intesa-San Paolo (who will take over the two zombies).  Tomorrow 250 more...  Funds from my US bank account.

I saw a gold coin for sale today (an Austrian 20 florins) for 225 euros, not a bad price.

There is a BTM here in Turin that I want to check out ASAP, I'm trying to figure out how to get there (many things in Italy are more complicated than you would expect).


Tourists in Italy take note!
Bank don't just go under without notifications if any bank should do that,  then it only point to one thing which is that the Central Bank has failed the people. Over here the central bank carries out regular audit of banks and make sure they are adequately capitalised on a regular basis with those one sinking bailed out as well and if necessary, taken over in other to protect investors funds and that's how it should be. So also is the report made public that anyone following the news can know the right time to pull out his/her resources from such bank.


olubams

I am not sure exactly what you are getting at (your real point).  Those two Italian banks that failed were well-known about being in trouble (as are various other Italian and Spanish banks).  In the USA, the Central Bank is apparently more aggressive in monitoring banks' health.

YES, the Italian Central Bank let those two banks operate for way too long despite their weakened condition.  But that was well known!  Anyone with money in those two banks should have understood that -- and note that (apparently) no DEPOSITORS will lose their any of their money (THIS TIME).

Lenders to those two banks were very stupid and/or greedy.  And lend any money to Monte Paschi (the BIG bank in BIG trouble in Italy), you would have to be crazy (or have the Central Bank at your back).

*   *   *

And, for the record, I just did pull out some more EUROS from an ATM today (Sunday).

If I can buy a wee-bit of gold and/or BTC tomorrow, I will.
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June 25, 2017, 04:39:40 PM
 #5

My sympathy go to the deposit and investors of this two bank. I hope the bank are insure do as to be able to pay back investors deposit? That is why we are advocating for bank to adopt Blockchain in other to reduce the cost of operations.


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Hydrogen
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June 25, 2017, 08:21:08 PM
 #6

Zerohedge is claiming this marks the beginning of the end for the european banking union.

The question now is if insolvent european banks could lead to recession/depression in europe similar to how the US economy was dragged down by insolvent banks in 2008.

I spammed this section with posts claiming the euro (and usd) were bubbles but didn't think I might be proven right this quickly.   Sad

Nothing to be happy about.

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June 25, 2017, 08:29:53 PM
 #7

Zerohedge is claiming this marks the beginning of the end for the european banking union.

The question now is if insolvent european banks could lead to recession/depression in europe similar to how the US economy was dragged down by insolvent banks in 2008.

I spammed this section with posts claiming the euro (and usd) were bubbles but didn't think I might be proven right this quickly.   Sad

Nothing to be happy about.


Years ago (when GREECE looked like it might drag down Europe) I too wondered about what would happen in Europe, and then the USA.  My thinking was (still is I guess) that if Greece had a hard default, Europe would suffer, but not horribly as Greece is small vs. the rest of Europe.

I then went on to think and write (at ZH) that perhaps the KEY would be Spain or Italy.  Either of those countries having a massive failure would almost instantly affect France big time and other countries too.  Should France fall as well, then adios to Germany...

You would then have (say) 24 hours to get your $$$ out of the banks in America before the financial tsunami washed up on our shores.
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June 25, 2017, 08:40:36 PM
 #8

Can you decribe in short how the banks went under? They need only 1% cash to create 99% digital money as debt, so how can they go under?

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June 25, 2017, 08:49:11 PM
 #9

Can you decribe in short how the banks went under? They need only 1% cash to create 99% digital money as debt, so how can they go under?


In extremely short and general words: BAD LOANS that were covered up, or rolled over, or whatever.

I know nothing of Italian banking supervision, but it looks like MANY Italian banks have made bad loans (perhaps to "interested parties", people who have no intention of paying them back with some crooked bank manager's knowledge -- speculation on my part).

Do take note, however, that Italy cannot just print up money!  That can only be done (as far as I know) by the European Central Bank.  So Italy just cannot print up 10 billion euros out of thin air...

The Zero Hedge article I linked to at the original post will explain this better than I just have.
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June 25, 2017, 10:03:57 PM
 #10

Update.

Looks like both banks will be bailed out.

http://www.zerohedge.com/news/2017-06-25/italy-bails-out-two-failed-banks-17-billion-cost-taxpayers

Don't know whether it will amount to more than a generic temporary fix representing a "throw money at problems" paradigm rather than actually fixing things.

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June 26, 2017, 11:50:44 AM
 #11

Zerohedge is claiming this marks the beginning of the end for the european banking union.

The question now is if insolvent european banks could lead to recession/depression in europe similar to how the US economy was dragged down by insolvent banks in 2008.

I spammed this section with posts claiming the euro (and usd) were bubbles but didn't think I might be proven right this quickly.   Sad

Nothing to be happy about.
Fiat money is always in a bubble, because it's intrinsically worthless.

However, people predict recessions every day.  Doesn't mean it would a good prediction from you if it actually happened.

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June 26, 2017, 01:19:57 PM
 #12

Italian banks are in agony since many times now, I remember about one losing an important percentage of its value.It's the oldest...
Every plan taking place for supposed to safe the boat is just a plan to make the drama coming later. The shipwreck is inevitable like the Titanic.
But italian banks are not the only ones in Europe. There are many european banks in the same situation, in Spain, Germany, France and surely others. Keep safe from banks guys, buy Bitcoin, money deposited in banks are not our. Smiley

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June 26, 2017, 01:29:30 PM
 #13

My sympathy go to the deposit and investors of this two bank. I hope the bank are insure do as to be able to pay back investors deposit? That is why we are advocating for bank to adopt Blockchain in other to reduce the cost of operations.

Well reducing costs of operations means reducing staff and creating unemployment eventually something I don't think the Italian government wants to happen right now so I guess we will wish them hard luck and hope they get consolation through insurance.



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