Friday, 15 June 2012

Italian bank freezes all bank accounts for a month

News is quietly filtering out that Bank Network Investments SpA (BNI) in Italy has suspended all of its customers' bank accounts for a month amid financial difficulties.

The suspension was authorised by the Bank of Italy and a low key announcement was put on the BNI website a week ago.  It appears that the Italian media have conspired to keep a lid on the suspension, failing to report the announcement before the suspension came into force and is still trying to suppress the news two days later.

There were runs on Spanish banks last month which went largely unreported in the media as well.  It's pretty certain that the media - especially in the €urozone - is under orders not to report on anything that might further undermine the failing single currency and the tattered remains of its constituent economies.