Right, and those national government banks do not have credible deposit insurance for national banks. So a bank run is possible. During the US crisis in 08/09 w

Right, and those national government banks do not have credible deposit insurance for national banks. So a bank run is possible. During the US crisis in 08/09 we had the Fed/Treasury complex insuring deposits and supplying liquidity which they can do in infinite amounts. Euro-zone nations are not sovereign and are at the mercy of the ECB. You underestimate the risk of a breakup, the Euro is broken.