<i>you can&#x27;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)</i><p>This is exactly right. If a few of Germany&#x27;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.