Yes, you are correct, and that's what I meant. The only thing we may not agree on is the fallout of a situation where the ClubMed countries (and maybe Ireland , Belgium and even Austria) will have to revert to their own currencies to avoid state bankruptcies. .
That would not be a temporary situation, but would mean the end of the Euro. In such a situation a German government could make its citizen very happy by leaving the Euro and changing to the (new-) D-Mark.
What about France? I suspect the Germans wouldn't be very happy in the end when the internal EU demand for German products fell precipitously as the new D-mark skyrocketed against the new currencies.
They would wind up eating the debt anyway as their customers went under.