The German bond market is in disarray. Government bond yields are low as investors flock to safe securities. But credit spreads are high - indicating fear. It doesn't add up.

http://www.forexpros.com/analysis/german-sovereign-cds-widening-is-a-troubling-sign-126196
The bottom line, according to the article on FX Solutions, is that Germany's cost of a failed Euro would dwarf that of the unification of Germany many years ago.