I hope that country is not Austria (which ran to the the EU like a little girl when shit starting hitting the fan in early 2009, asking for help for Eastern Europe countries so that the latter won't go belly-up, that would have meant Austria going belly-up), the Netherlands or Belgium (both countries with a very high level of private-sector debt, approaching Cyprus, pls see this: https://media.economist.com/sites/default/files/imagecache/2...), to say nothing of France.
The only European country still standing on its feet without any outside help is Germany, but that could end very quickly end once every other country around her begins the slide into depression. For better or worse, we're all in this together.
Much of the money you have in the fiscally responsible countries is the debt of the less fiscally responsible countries. If they default you will see your bank account haircut too. One bank went under in the Netherlands so far this year, but the state bailed it out (so taxes will go up). Many German banks are not well capitalised, same with Danish banks and so on.
During the boom so much credit aka money was created from what is now nothing but people assume they will get to keep this "wealth".
The only European country still standing on its feet without any outside help is Germany, but that could end very quickly end once every other country around her begins the slide into depression. For better or worse, we're all in this together.