“Italy’s Banks Are the Achilles Heel of

the Eurozone Financial System”


The entire Italian banking system is mere inches away from a full-blown, potentially deadly catastrophe.

It’s reminiscent of the banking crisis that swept America during the subprime mortgage fiasco – except the Italian banking system hasn’t begun to recover like the American banks have. Unfortunately, it seems like the Italian banking system is doomed.


What’s more, unlike the smaller banking crises that smashed Greece, Portugal, and Ireland, Italy is far too large to get saved by a European Central Bank bailout.

Global Chaos

Another reason Italy’s too big to bail out is that it houses the world’s third largest government bond market, with over 2 trillion euros in outstanding government debt.


In other words, that would amount to a bailout over eight times larger than Greece’s bailout – so that enormous amount of money simply isn’t there.


On top of that, Italy’s banks hold over 4 trillion euros in assets, with at least 360 billion euros of bad, non-performing loans on their books. They’ve also suffered from hundreds of billions in bad derivative bets.


So the situation in Italy is several times worse than the other struggling European economies.


In short, Italy’s too big to save AND too big to fail.


As economist Ambrose Evans Pritchard wrote in The Telegraph, “Italy’s banks are the Achilles Heel of the eurozone financial system.”


Unfortunately, the troubles in the banking sector have flooded over into everyday Italian life…


97 Out of 100 Italians Are Worse Off

Than Their Parents


A recent study published by McKinsey & Co. showed that an astounding 97% of Italians suffered a loss in wages and income during the period from 2005 to 2014.


That works out to a total of 58.6 million Italians who have it worse than their parents did.


So it’s no wonder why so many Italian voters are likely to vote “no” on the coming referendum. After all, could the present course get any worse for them?


Unbelievably, these economic hardships in Italy go deeper…


Because 100% of Italians have suffered a loss in disposable income over that same time frame. Disposable income means income after taxes and transfers – put simply, it’s your “take home spending money.”


That means things have gotten worse – much worse – for every single man, woman, and child in Italy.


I know that’s hard to believe, so please take a look at this chart from the official report to see for yourself:

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This is total economic destruction of an entire country, in real time. There’s simply no other way to put it.


By way of comparison, less than 2% of Americans have suffered a loss in “take home spending money” over that same time frame.


And the short-term future doesn’t look so bright for Italians, either. Because the IMF recently estimated that it will take until 2025 for the Italian economy to finally grow back to its pre-2008 level.


So that’s a devastating economic depression, lasting 17 years. And potentially longer.


So you can see why tens of millions of Italians want to leave the EU. You can see why they consider abandoning the euro.


The EU experiment has grown into a malignant economic cancer for them.


And like all malignant cancers, this one has spread throughout the entire country, causing great suffering for every single Italian citizen.


And that’s why so many Italian voters want to try something – anything – different…


You first saw this happen with the Brexit referendum, where UK voters repudiated the establishment, electing to leave the EU.


Then you saw the same phenomenon with Donald Trump’s win, where he beat the establishment in a surprise victory.


Even with all this Grim news there is HOPE!


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