Zerohedge reports:
Some people know Banca Monte dei Paschi di Siena as one of the biggest banks in Italy (lately best known for being either halted down, about 90% of the time, or up, the remainder) with 3,000 branches, 33,000 employees and 4.5 million customers. Others know it for being the world's oldest surviving bank, founded in 1472 by the magistrate of the then city-state of Siena. Most will henceforth know it as the first Italian bank bailed out in 2012 using the old 2009 ponzi scheme known as "Tremonti bonds", whereby the bank sells bonds to a guaranteed buyer - the Italian government - receiving critical cash to continue operating in exchange for, well, promises, and sharing its balance sheet with the much more "viable" sovereign, whose bonds were trading above 6% at last check. The initial bailout bid: €1 billion in Tremonti bonds with speculation the number will be realistically up to €4 billion. The final number: much, much higher, but it likely won't be known for at least days. Which incidentally is an event which was largely expected. Recall on June 13 we wrote: "Forget Three Months: Italy May Have Two Weeks Tops, As "It Already Is Where Spain Is Heading." It is now 13 days later and the bailouts have begun.
Cyprus bailout request for banks
Cyprus needs to find €1.8 billion, or about 10 percent of its gross domestic product, to recapitalize its second-largest bank, Cyprus Popular Bank, by a June 30 deadline, according to Cypriot officials.
Cash controls in Spain:The government passes a law limiting to 2,500 euro cash payments
Do not declare the foreign accounts shall be punished with 10000 €
By The Record
June 24, 2012 12:00 AM
B Day is upon us.
B Day is upon us.
It's almost time. The debate has ended. The mediation process nears completion.
The Stockton City Council already has given City Manager Bob Deis the power to enter the community into Chapter 9 bankruptcy proceedings.
It could be announced Monday, or at Tuesday's council meeting.
