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Here's a very interesting news analysis...overlooked during the USA holiday.
"Since 2009, Germany and a handful of other countries, like the Netherlands, have benefited significantly from cheaper borrowing costs as investors diverted cash from riskier assets and the bonds of southern European countries to debt issued by the Continent’s fiscal hawks."
Germany may have saved as much as E40bn/$54bn in borrowing costs from just 2009-2011...while the Netherlands saved at least E7.5bn.
"It helps explain why Germany has taken a tough line against “budget sinners” in the south like Greece, which have been virtually locked out of bond markets by high borrowing costs, and why Germany has been reluctant to create a “big bazooka” or huge bailout fund to stem the crisis. The bond markets delivered cheap money to Germany, and resulted in something Berlin badly wanted: economic overhauls in Southern Europe."
