Free Trieste Movement

THE CRISIS OF THE ITALIAN BANKING SYSTEM AND ITS CONSEQUENCES ON THE FREE TERRITORY OF TRIESTE

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The head office of the Banca Popolare di Vicenza in Trieste,

one of the banks at risk of default that are present in the Free Territory of Trieste.

The deep crisis of the banking system of the European Union does particularly affect the weak Countries, the “soft underbelly” of an economic giant that has never really been able to develop. There are way too much economica, political, cultural and social differences between the 28 Countries that constitute the European Union to allow an actual integration and a the growth of all.

The European Union cannot resist to the international economic crisis – which bring on its knees its weakest Member States – because the actual cohesion of the people lacks,  there is no sense of belonging to a Nation.

The European Union is a mere economic pact, without any ambition to become something different, which would be a federation of States with one only economic policy and one only guidance. The only thing that unites the Member States of the U.E. is therefore economic politics, a big single market with the same rules for all.

However, besides the fact that a single market is a rather difficult project to realize, given the differences between the rich and developed and highly industrial society of the Nordic Countries and the poorer ones, rural and not much industrialised of the Southern and Eastern Countries, the fragility of the E.U. system is well clear every time that an international economic storm hits the European continent.

And this is then the whole construction of this abnormal union of interests suffers a shock-up, stronger as the crisis that invests each Member State gets stronger. Because the  resistance of strong economies (Germany, France, United Kingdom, Netherlands, Denmark, Sweden, Finland) is different from that of the weak Countries, subject to highly corrupted political systems, like Italy, Spain, Greece, Portugal.

It is in this kind of situation that would require those forms of solidarity between Member States to grant the weakest ones with the economic support needed to get over the crisis. The richest Countries should give up part of their wealth to help the weakest. A sacrifice that would allow to raise the European Union from a virtual monument of Union of States to an actual State-like body.

But it is right on this test bench that the forced economic union of Europeans does resoundingly fail. And, on the other hand, there was no reason o expect a different outcome. How can, Countries that have been ferociously at war agains one another for centuries seriously coexist, as brothers? It is clear that the formula of welfare for all that provided the base for the very establishment of the European Economic community proved to be a failure. No State of the present-day European Union is willing to pay the debts of the other Member States.

Given that this is the case for the Member States of the E.U. just think about these that – like the Free Territory of Trieste, subject to unfair Italian taxes for being regarded to as a part of the Republic of Italy – assoggettato alle inique tassazioni italiane perché considerato parte della Repubblica italiana – have nothing to do with the Community.

This is the unique case of an independent State that, with its internnational port, represent the extra E.U. Singapore of Europe. A dangerous competitor that the European Union attempted to eliminate by supporting, obviously without any act with a legal value issued by the European Parliament, the  Italian policy for the progressive annihilation of the Free Territory of Trieste. An annexation that was never declared but de facto recognized by this awful Europe made of denied rights.

The Free Territory of Trieste – Territorio Libero di Trieste has the right, among others, established by the Treaty of Peace of 1947 in force (and prevailing over the very constitution of the European Economic Community) to have its own currency and its own economic system, complete with Central Bank and Stock exchange. But the FTT does also have the right to not pay the public debt of the State of Italy, a condition that is regulated  by article 5 of Annex X of the Treaty of Peace and of vital importance to grant the final end of Italian sovereignty over Trieste, which took place at the coming int force of the Treaty, on 15 September 1947.

What is happening in Trieste, even on the level of the collapse of the banking system of Italy and Europe, can therefore be reverted. The citizens of the Free Territory of Trieste have the right to have their savings protected outside the economic system imposed by Italy illegally. Which means outside the lass of the European Union and outside the control of the European Central Bank. Rules and norms that are null and void in a sovereign State that is outside the economic pats of the European Union.

But what is happening in banking system of the rotting Republic of Italy and what could be the consequences for Trieste if it weren’t fro the protective shield of the Treaty of Peace? Not it is time for a reasoned overview, given the latest scandals that did directly involve the executive of a Government – don’t forget it – that has not even been elected by the people.

After the crack of the Monte Paschi di Siena (EUR 10 billions), one of the banks of the current ruling party (P.D.), the scandal of consumer cooperatives was sparkled, the so-called “red cooperatives”, another fortilice of the Italian left-wing parties. The Cooperative Operaie were trusted by thousands of small depositors who, in the nearly complete silence of the media, assisted  helpless to the disappearance of their life-time savings. Once again, of course, like for the Montepaschi case, no liable person was identified by magistracy: it is all functional to the Italian regime of corruption, of course.

The crisis of the COOP alone did put at stake investments worth EUR 15 billions of 1,300,000 savers. This was the turnover, outside of all controls, of the COOP. They would be the 25th bank in Italy, if they became one.

From one scandal to another, here comes that of the main Credit Institutions (Banca Etruria, Banca Marche, CariChieti, CariFe) “saved” with the decree of the Government before the coming int force of European law “bail in” which does expressly forbid State aid from 1 January of this year. Once again, who payed for it is the savers. Those who invested in obligations suggested by the banks has lost everything. The rescue of the Government was for baks only. What a hoax, or fraud actually. Because when it comes to banks on the edge of default, in Italy there is plenty, way too many to be saved, now that Community Law forbids it.

Between 20 November last seating before the decree «salva banche» (to save the banks) and 9 December, the 79 subordinate Italian banks treated by the EuroTlx registered an average closing price fall of 2,28%. The bonds under the most pressure are those of banks like Veneto Banca, Popolare di Vicenza (the subordinate 4,6% expiring 15 December 2017 registered the worse fall), Monte dei Paschi and Carige. Only a contamination to the «subs» of the stingiest banks.

Essentially, the Italian banking system is collapsing under the weight of national corruption and the price is paid by savers in first place. In a country at risk of default, not even postal savings are safe. The majority of the holders of an account do probably have no idea that their money is assigned to the Cassa depositi e prestiti (Deposits and Loans Fund) controlled by the Government directly. This happens because in Italy, all appointments of the heads of the banks and of the postal services are decided on the bases of political identity. And these managers respond of their actions to the parties, not to the savers.

This deviant financial system is collapsing along with the whole Country extends to Trieste as well, but, again, here the savers can defend themselves by the simple exercise of their rights of citizens of the Free Territoy of Trieste. And, as for the damages, the Italian Government is liable for them and it must refund down to the last Euro the citizens who are involved, unfortunately, in the violation of the laws and of the states of the fiscal and administrative regime of the Free Territory of Trieste.

Translated from blog “Environment and Legality” by Roberto Giurastante

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