Indeed to both ... but Germany and France can't bail out all the PIIGS. Spain is probably outright impossible and Italy is out of the question. And that's ignoring the willingness of the citizens of the former to indefinitely fund the profligate ways of their southern neighbors; I'm not sure how responsive the French government is or has to be to its electorate but I gather the German system works well enough. (Plus don't forget that German GDP or what it export growth just flattened....)