Bank of Italy declares bank holiday until July 1

[Original_Intentcaptain of 1,000]

http://sgtreport.com/2012/06/italian-bn ... -in-panic/

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.

[karend77captain of 100]

Always skeptical at first, as I couldnt find any second sources, but found another-

http://investmentwatchblog.com/report-i ... 9dZ9ytYvDP

Major networks not covering, probably to prevent any kind of panic

[Original_Intentcaptain of 1,000]

That's my take as well, karen - no coverage=no story=delays the domino from falling for a few more days.

Like you I also searched for some coroboration and saw it mentioned on a few blogs/discussion forums (such as kitco), so I figured legit enough to post (at least as a concern).

Also, it is not as if the entire country declared a bank holiday, it is just one bank (for now at least) and they are the 4th largest bank in Italy. My feeling is it is something to keep an eye on, probably not something to panic over - at least not yet.

But if indeed it is a domino, who knows what it could trigger?

[Col. Flaggcaptain of 10,000]

The U.S. is much worse off than the European banks too even though all we hear about is how once the dominos begin to fall in Europe, the United States will be directly affected. While true, the fact of the matter is that the 'Fed' has doled out more than $23.5 TRILLION in bail-outs since 2008 - yet, the dollar is a 'safe haven' right now? Our entire debt (national debt, trade & budget deficits, unfunded liabilities and bail-outs) is close to $100 TRILLION and that doesn't even involve derivative contracts in this nation (over $230 TRILLION). I believe there is a scripture in the Bible that talks about Babylon falling in one day - I believe we are going to wake up one morning to breaking news that the dollar is no longer the world's reserve currency or that some other financial catastrophe has occurred which will send prices in the U.S. through the roof. Hope everyone has their food storage at this point because basic staples like food, fuel and commodities are going to drastically increase in price when that happens (if not outright hyper-inflation, which is a 50% increase in prices in one month or a 100% increase in three months (and it could be worse than that given the situation).