They won’t get bailed out. The word is that they will be allowed to “bail in”, by converting some the people’s money into bank stock, which will probably immediately go down in value.
Not a problem.
The EU will just hammer Google, Apple, Starbucks...
Just shake the money tree, some more.
That is part of the terms and conditions of the COCO:
https://en.wikipedia.org/wiki/Contingent_convertible_bond
The bondholders who bought them knew what the conditions were when they purchased these things. They just didn’t think it would happen.
What do you call these bondholders? COCO-nuts?