The Germans and especially the German press love to point out and stress how they keep bailing out Greece, Portugal, Ireland (and soon more countries to come, don’t worry). The German financial honchos from the ilk of that ominous “Qualitaetsjournalismus” (quality journalism, financed preferably by a, hold your breath, ‘Performance Guarantee Fee’) like @FAZ_Wirtschaft and @SZ_Wirtschaft do not tire to celebrate that fantastic German export performance, regardless that a surplus here means a deficit there and therefore more transfer payments.
But who is really being bailed out? Alea has as usual some good stuff:
German Banks: Foreign Assets versus Target2 Balances
There is a drop in T2 claims in Dec. 2012 though to €655 billion.