[mcv]

> "wouldn't that imply that countries who import German goods are being subsidized, because they are able to get German goods at artificially low prices?"

Yes, and that makes German products more attractive, boosting German exports. Germany gets a boost to their export, at the cost of importing at higher prices. Because Greece's currency is artificially boosted, they can import relatively cheaply, but they have trouble exporting because their exports are too expensive, so money is leaving the country.