Germany is the largest economy in Europe, and no one is threatening to downgrade their credit. Today Moody’s warned France that it’s getting overextended especially if it tries to pay for other countries’ debts. It might lose its AAA credit rating.
No one will dare to downgrade Germany with the memories of World War I and World War II fresh in the minds of many people. Besides, the Germans think always of keeping their debts low, saving money, and making sure inflation doesn’t rise. So it will be their call what happens to Greece, Portugal, Spain, and maybe even Italy.