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Country-specific factors, as well as euro-wide concerns, seem to play a role.
That adds up to an exposure of over €270 billion, or 3% of euro-wide GDP.
There was no agreement to euro-wide deposit insurance or to a common bank-resolution scheme.
Already, in September, when euro-wide inflation was 1.1%, prices were falling by 1% in Greece.
The euro-wide budget deficit also compares favourably with that of other big advanced countries.
"Adjustment in the south of Europe cannot be taken for granted, especially if euro-wide inflation is low.
True, euro-wide inflation has risen in recent months above the ECB's target of "below but close to 2%".
Along with financial support, Germany may have to yield some sovereignty to construct euro-wide economic government.
The German economy sprinted ahead last year, growing by 3.6%, but euro-wide GDP rose by only 1.7%.
The euro-wide average is well above the European Central Bank's target of "close to but below 2%".
Both the arithmetic of euro-wide inflation and the mechanisms of rebalancing growth in the currency union demand it.
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