Financial Alert! Italy Goes “Cyprus” On Sicilian Mafia, Seizes Record $1.7 Billion

http://www.blacklistednews.com/Italy_Goes_%E2%80%9CCyprus%E2%80%9D_On_Sicilian_Mafia%2C_Seizes_Record_%241.7_Billion_In_Cash_And_Assets/25109/0/0/0/Y/M.html


Italy Goes “Cyprus” On Sicilian Mafia, Seizes Record $1.7 Billion In Cash And Assets
April 3, 2013

Source: Zero Hedge

Think only Cyprus is where the government goes after "evil", tax-evading oligarchs? Think again. Overnight news broke that the Italian police have seized a record $1.7 billion in cash and property from a single person, a Sicilian "alternative energy" entrepreneur alleged to have close ties to the Mafia. As Bloomberg reports, Italy's anti-Mafia investigators said in a statement today that Vito Nicastri, a 57-year-old native of Alcamo, near Trapani, was placed under surveillance and must remain in Alcamo for three years. He is accused of declaring for tax purposes a fraction of the value of his businesses. Italian media have dubbed Nicastri the "king of alternative energy" for his vast holdings in wind farms and photovoltaic cell companies. Police said the seizures include 43 companies; 98 pieces of real estate including buildings, homes, stores and land; 66 bank accounts, credit cards and investment funds.

http://www.zerohedge.com/news/2013-04-03/european-stocks-plunge-catch-down-credit

European Stocks Plunge, Catch Down To Credit
Submitted by Tyler Durden on 04/03/2013 - 11:56

Yesterday it was all fixed, Cyprus was storm in a teacup, and as Barroso noted "the worst of the crisis over." It appears reality sunk in today as PMIs continue to disappoint and Europe's banking system implodes. Credit markets and financials have been flashing warning signals for a few weeks and once again European stocks (led by financials - mostly Italian - cough BMPS cough) were limit down and halted everywhere (with the broad EU bank index -3%). Italy's FTSEMIB is now -0.8% on the week (giving back all of yesterday's exuberance and some) and Spain is close behind. European sovereign bonds retraced their gains and ended slightly wider on the day. Swiss 2Y rates dropped (on safety bid) to -2bps (ahead of Bunds at 0%). EURUSD bucked the 'weak' trend and strengthened on the day back up to 1.2850 while Europe's VIX pushed back up to 21%.

http://www.blacklistednews.com/Dutch_ING_Bank_Suffers_%22Technical_Glitch%22%2C_Clients_Report_Negative_Balances/25118/0/0/0/Y/M.html

Dutch ING Bank Suffers "Technical Glitch", Clients Report Negative Balances
April 3, 2013
Print Version

Source: Zero Hedge

UPDATE: Another Dutch bank - Rabobank - is apparently having 'technical' issues now

Following yesterday's discussion of the brink-like nature of the Dutch economy (and banking system), it is perhaps just a coincidence that ING is suffering from a major failure in its Internet Banking. It is unclear how many customers are affected but judging by the scale of responses on Twitter (#ING) it is widespread. Some customers are reporting overdrafts, and incorrect balances; and are reporting cards not working at supermarkets. We are sure this will just bolster confidence in uninsured depositors at the bank - especially since, as Ad.nl reports, no one at ING was reachable for comment.