Argentina ... with similar problems as Spain and Italy. Where did most Argentinean families originally come from?
I truly hope you don't have any money on a German bank. The account holders on German banks might think their money is there, by looking at their statements, but they are wrong. Their money was lent to the PIIGS. All they have is a promise of payment from countries that are less and less likely to pay it back as each day passes by.
Most German banks are heavily exposed tot he PIIGS, and their balance sheets are not rotten yet simply by the fact that the ECB has been making the "minimum monthly payments" on behalf of the debtor nations. Once that stops, the truth that the majority of the German banks are insolvent will come to light, and then things will get really ugly.
There is a great American cartoon called Roadrunner, where a coyote is always trying to catch the roadrunner bird (and always failing). One of the most common scenes on the cartoon is the coyote to go over a cliff while chasing the bird. As long as the coyote does not realize that he has gone over the cliff, he is fine, kinda of floating in mid air. However, the moment that he sees that he is just floating in mid air, he briefly waves to the the audience before plunging to a painful fall down the abyss.
This is how I see Europe today: They have run over the edge of a cliff a while ago, but have not realized it yet, so everything looks fine. The ECB is working really hard to try to prevent Europe from noticing that they are all over the cliff. But sooner or later, like the coyote, they will notice that they are just floating in mid air. I reckon that at that point, we will see Europe as a whole just wave to the rest of the world, and then plunge down the abyss.
