"If German wages are falling, falling by 1.5 percent, the Greeks and the Italians, etc., have to make sure that their wages fall by even more than that. Now, that spells slump or at least very, very weak growth. Very weak growth or slump is lethal for economies as indebted as these economies, because slump, deflation implies increases in the real value of debt." [Simon Tilford] warns that another giant obstacle to Germany's speedy recovery is what he calls the country's dangerous over-reliance on exports. ...