Who is really safe?

Sentences to ponder, from Simon Johnson:

But who is really safe in Europe?  With France running an 8% GDP budget deficit (for 2010) and a debt/GDP ratio of 83.6%, should we be confident they are safe while Spain is not (with debt/GDP at 65%)?  France’s thirty years of budget deficits do not bode well for anyone expecting an immediate strong fiscal response.  In many ways Spain appears better placed to take tough actions than France.

I agree with his general point, but I believe that Germany — though perhaps not all German banks — is truly safe.