Say if the state next to yours needed to raise money and decided to put say a 6-10 percent tax on all bank deposits to raise this money. Also say your state was even in worse shape, would you think about getting your money to a safer haven? If you had any sense you would. They are not worried about the bail out amount, they are worried it could bring on bank runs in Southern Europe. Which is realistic possibility, I believe no matter what anyone says.
That is part of the problem, the assets in their banks are way more than their GDP - and they invested a big chunk of that $120B in assets in Greek bonds.
Sentiment: Strong Buy