[chongli]

you can't look at Germany outside the context of being a member of the EU and Eurozone (and currently a very important creditor in the Eurozone)

This is exactly right. If a few of Germany's key debtors end up defaulting and exiting the Eurozone, a prospect not so far out of the realm of possibility given the leftward political trend in those countries, then Germany could fall on hard times very quickly.

[sremani]

German export oriented economy needs EU and South Europe cannot devalue their currency and pose threat to German export economy. If they move out of EU and devalue their currencies, Germany is in big big trouble. Disintegration of Europe is delayed but very likely narrative of the decade.