Read the second link in my original post. The way it worked out, basically, is that the German banks could lend to Greeks at very, very low real rates, but beca

Read the second link in my original post. The way it worked out, basically, is that the German banks could lend to Greeks at very, very low real rates, but because inflation was higher in Greece / Spain / Portugal than in Germany, the real rate that they got back in Germany was quite good (since they didn't account for the increased risk because they, correctly it seems, guessed that Germany would force a bailout if they got into trouble).