Yes the Germans were wrong. Artificially low interest rates were won with the switch to the Euro, and German and French banks were the lazy careless agents, not the Greek Hotels chain or Italian restaurant taking on the cheap money under the false assumption pushed by same banks that the 2000's would be an era of ever growing prosperity and European integration.
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Did anyone say lazy? I think the attitude was more like "irresponsible": Taking on debt with no hope of paying it off.
Money is debt. It can't be ever paid off, it has to constantly increase. Just look at the us public and private debt. It almost always only increases.
And are the Germans wrong?
Yes the Germans were wrong. Artificially low interest rates were won with the switch to the Euro, and German and French banks were the lazy careless agents, not the Greek Hotels chain or Italian restaurant taking on the cheap money under the false assumption pushed by same banks that the 2000's would be an era of ever growing prosperity and European integration.