Once those deposits leave, a society will quickly generate into black market, barter and other types of transactions which become very hard to track and even harder to tax.
The socialist Utopians in the EC could be looking at a societal collapse just as quick and dramatic as Russia's eastern European satellite states in 1988.
Those outside the Eurozone like the UK and our own socialist masters will not be able to keep it from crossing the English Channel and even the Atlantic.
Going to cause a lot of job losses as businesses with the payroll money in the banks instantly lose a big chunk of the money they needed to meet payroll.
Doubt the politicians thought about that.
Apparently the "too-big-to-fail" banks have exceeded that 5-to-1 ratio just a little bit. I understand they are closer to 22-to-1... I wonder why they needed 'emergency' measures a few years ago?
Of course we don't know the leverage ration for sure. Banks (any business, actually) that are considered systemically important are allowed to keep 2 sets of books, one for their reporting to their shareholders (and the public), and another to report to government.
That was by executive order - can't have the people know how many firms are insolvent. They might Panic! We might need arms, and bullets, and armored vehicles to keep the peace if they found out!
When will I wake up from this long bad dream???
The silver lining.