As it is with the USA's massive debt obligation to China, so the Europeans are beginning to worry about the strings attached to the financing of their profligate ways:
In Europe, new fears of German mightEurope. Like fleas in a barnyard.
By Michael Birnbaum, Washington Post
Berlin — For decades, Germany’s role in Europe has been to supply the cash, not the leadership. With fresh memories of war, the continent was cautious about German domination — and so were the Germans themselves.
But the economic crisis has shaken Europe’s postwar model, and Germany increasingly calls the shots. As countries struggle to pay their debts, only Chancellor Angela Merkel has enough money to haul them out of trouble. And the price Merkel is demanding — more control over how they run their economies — is setting off alarm bells in capitals across the continent.
“Everybody is calling for leadership,” said [Germany's] deputy foreign minister, Werner Hoyer, “but no one wants to be led.” [link]
As it ought to be.