Mortgages payments Italy /UK will be suspended

Italy has done the right thing, the UK is being too cautious - but then again the situation isn't as bad in the UK as it is in Italy. 

I suspect all countries will have to suspend mortgage repayments, and probably rates bills as well, for a period of months once the disease really takes hold in their countries or they will risk bank failure. Since all banks now carry the bail in software, we will see a repeat of the Cypriot 2012-2013 banking crisis but on a global scale. 

Bank bail ins are something that really worry me. If you're in the UK, don't worry too much as the government guarantees a certain amount per person per bank account, but in the rest of the world, that government backing is sadly lacking. Here in NZ the government quietly removed it about 10 years ago. My bank manager said I was their only customer who noticed and commented on it. They were talking of bringing it back a couple of months ago, but they certainly won't any time soon with this crisis unfolding. I'm making a point of having not having much cash in the bank, just in case of a bail in. Mortgage defaults will certainly contribute to one. The trouble with a bail in, is that you don't know the base amount until after it's begun.