Free Trieste

The Italian banking system’s crisis has evident, alarming effects also on Trieste.

I have written about this before. The situation is critical: in the past 20 years alone, Milano’s Stock Exchange of Milano has lost about EUR 50 billions. In the whole of Europe, the vanished money is about EUR 1,000 billions.

It is a financial storm that spares nobody, still, the weakest, most exposed Countries and their economies suffer the most. Including the Italian baking system, already struggling, is now overwhelmed by this new, global economic crisis. Its chances to recover are slim.

The most affected Italian banks are Monte Paschi di Siena. Between December 2015 and January this year, it has already lost a lot (50%). In 2015, its losses amounted to a -71%. Numbers worth a default.

Other banks in difficulty are, to mention only the biggest ones: Carige, Unicredit, Banco Popolare, Mediolanum. News that seems straight out of a war bulletin.

The investors’ fear is more than justified. Indeed, under the new EU regulation of the bail-in tool, investors risk to be held liable for the debts of banks they invested into.

So, what can the Free Territory of Trieste’s citizens do to defend themselves? Even is the 1947 Treaty of Peace with Italy grants their State full economic sovereignty, they are still subject, illegally, to the Italian banking system. What can they do? Spare their money.

In the fait for the re-establishment of the Free Territory’s correct special trusteeship administration, Trieste’s people must protect their savings withdrawing them from Italian and European banks. Indeed, those banks are not as safe as their State is. Because Trieste is under the UNSC’s own protection.

This is a fundamental measure to defend their economy, private savings, and to accelerate the prompt re-establishment of Trieste’s provisional regime of government.

Translated from blog “Ambiente e Legalità” – “Environment and Legality” by Roberto Giurastante