Germany Saves Europe, But at What Cost? Well …

Missed, all too often, in the endless discussion of the EU bailout is that the bailout isn’t really a European bailout of Greece. Instead, it is mostly a northern European bailout of southern Europe — or, even more specifically, it’s a German bailout of the PIIGS. After all, that’s where the bulk of the money is coming from, and that’s where the bulk of it is earmarked (no porcine puns intended). 

So, how big is Germany’s contribution to Europe 2.0? And how does it compare to Germany’s prior outsized payouts thru history, like war reparations, say, or reunification? 
Well, Michael Cembalest at JP Morgan has the answer. And measured in historical terms the size of the Germany contribution is eye-opening, as you can see in the following figure. Click the graph for a larger/clearer version.