– Italy’s Veneto banking meltdown destroyed 200,000 savers and 40,000 businesses
– EU bail-in rules have wiped out billions for savers and and businesses, with more at risk
– Bail-ins are not unique to Italy, all Western savers are at risk of seeing savings disappear
– Counterparty-free, physical gold bullion is best defence against bail-ins
One of Italy’s twenty regions is calling for more autonomy from the state following a nonbonding referendum. Why? Because a government supported ‘rescue package’ caused the lifesavings of 200,000 savers to be wiped out during the implosions of Popolare di Vicenza and Veneto Banca.
Since then the banks have been rescued in one way or another yet the impact of the collapse on individuals and small businesses is only just becoming clear.
As in Spain’s Catalonia the region of Veneto is wealthier than the average Italian region, with its own industries and language yet it has been left with a pile of ash when it comes to its banking sector.
The region is proud to be the home of successful brands such as Benetton, De’Longhi, Geox and Luxottica. But it is the 40,000 small businesses that are in a state of limbo unable to pay workers, find credit or operate on a day-to-day basis.
Sadly the case of Veneto is one of a growing list of regions of banking customers that have been destroyed due to the incompetence of national authorities and the overbearing powers of the EU.
Click here to read full story on GoldCore.com.
For your perusal, below are our most popular guides in 2017:
Essential Guide To Storing Gold In Switzerland
Essential Guide To Storing Gold In Singapore
Essential Guide to Tax Free Gold Sovereigns (UK)
Please share our research with family, friends and colleagues who you think would benefit from being informed by it.