What about FDIC insured accounts here in this country? Even if one of our major banks in the US went on "Holiday", wouldn't FDIC insurance eventually cover depositors?
“...wouldn’t FDIC insurance eventually cover depositors?”
What do you think the FDIC is? It’s the Federal government, IOW: taxpayers; us.
Our government is flat broke now; how is it going to bail out millions of depositors with anything but absolutely worthless paper?
question is how long is “eventually”?
Will they do it in time for you to pay your light bill? In time for you to get the presciptions you need? In time to buy food for your family?
Eventually can be a pretty long time.