When in Italy someone does not want to make the citizens understand what’s going on in the Parliament, there is a proven technique to use: to approve the text in the middle of the summer and give it an Anglophone connotation. From WWII to today, in fact, we were not able to learn the English language widely, and everything that sounds vaguely American sounds less dangerous. Here, then, comes the approval of the bail-in, which sounds like a game one plays on the beach; instead it is the process of saving a bank using internal resources before possible external aid.
And by “internal resources” it is meant both the money of shareholders, but also money of the account holders. All those who have a deposit of over 100,000 Euros are at risk of forced removal. So we are not talking just about millionaires, with their accounts swollen with money, but also about the life savings of individual persons, the temporary storage due to the sale of a house, the savings of entire families, the small capital of a media enterprise.
The media almost daily for months have been talking about the “poker game” between the European Union and Greece. A commitment that led media to forget to inform people about this final approval by the Chamber of Deputies of the law on compulsory withdrawal on current accounts in favour of any private banks in distress. To put it simply: hands in people’s pocket. A slap to the common sense of fairness.
That’s not all. But once the principle that it is legitimate to take money from the wallets of citizens has been approved – in Italy it is remembered as an exceptional case the date of 9-10 July 1992, the night the Amato government withdrew six per thousand by all bank deposits – in the future it will be just a matter of adjusting the intervention to the need of the moment; one hundred thousand euro could become thirty. This hypothesis for now is vigorously denied by European bureaucrats, but it is at the centre of many battles and concerns of the opposition, both in Italy and in Brussels.
Europe first and then Italy have therefore decided to ensure certain resources in banking institutions in financial distress even if derived from a speculative management. First and foremost, the choice to use the funds from the ECB (European Central Bank) granted interest-free unused to promote national production process, but to earn by investing in derivatives rather than on government bonds issued by countries at risk of insolvency as Greece. Perhaps one of the biggest banks likely to be in this condition in the event of a Greek failure is precisely the Deutsch Bank accompanied by Italian banks already overwhelmed by substantial losses on investments on “derived”.
Everything became real on July 2, immediately after the meeting of our Premier with Merkel in Germany that took place the day before. A coincidence? A case? Lovers of conspiracy correlate these decisions even with the recent meeting of the Bilderberg club, and therefore suggest how it could be a strategic economic move decided by the political parties, which contributed to approve the law itself, and by bankers as well as international lobby.
These are just assumptions with no objective evidence, as always is when we talk about lobby. But the fact is that the law was approved. And given our scary public debt, and the habit to favour banks rather than companies, no one can feel safe.
Translation provided by Maria Rosaria Mastropaolo