The European Union is making preparations to contain the effects of panic should Greece exit from the Euro. Among the measures they are considering: imposing a limit on the amount of money that can be withdrawn from cashpoints or ATMS, imposing border checks, and introducing currency controls to stop a flight of capital from countries.
The Bank of Italy authorized the suspension of payments by Bank Network Investments Spa (BNI) without communicating anything to depositors. The BNI, a large Italian bank, suspended operations and clients with bank accounts could not write checks, pay bills, make mortgage payments, use ATMs or payment cards.
In addition to limiting cash withdrawals and imposing capital controls , the European Union has discussed suspending the Schengen Agreement, which allows for visa-free travel among 26 countries, including most of the EU, though not Britain and Ireland.
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