"Reitzle: If we don't manage to discipline the debt-ridden countries, Germany will have to withdraw.
SPIEGEL: Excuse me? Germany is supposed to withdraw from the euro and introduce its own currency? The consequences would be tough: This currency would appreciate, and German industry would have trouble selling its products abroad.
Reitzle: Of course it would lead to appreciation of the deutsche mark, the northern euro or whatever currency we would then have. But it would soon be less than we fear. Although unemployment would rise in the first few years, because of declining exports, we would come under growing pressure to become even more competitive. And within only five years, Germany could be in a stronger position relative to Asian competitors.
"
And he's right....and where would we be without Germany backstopping our budget deficit then???