[justincormack]

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".