It's scary what's happening there. I know it's a pretty much unknown small island that most people have not been to but they are a Republic like us and have insured bank accounts just like us.
The latest bail out plan is to seize up to 40% of people accounts above 100,000 Euro's. They are pretty sure they do not have to seize accounts below 100,000 Euro's but that isn't completely off the table. The banks have been closed for a week so people cannot withdraw their money and there is not a date yet when they are scheduled to re-open.
Local businesses are saying they will only accept cash as their suppliers will not accept credit cards.
What a crazy situation it must be over there.