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What happens to the money in your personal bank account if a country goes bankrupt?
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Let's say you live in one of the P.I.G.S. countries of the European Union. You live and work there and have a bank account there. Over the years you save some money in your personal bank account. What happens if you wake up one morning and the nation has officially declared bankruptcy? Does anything happen to the money in your savings account? i.e. does anything change in the value of it, can it be seized by the State that has defaulted as a means to repair itself? What measures can one take to avoid this?
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