So it has come to the attention of market participants (investors) that Germany is not going to be very proactive in taking the lead on solving the continued financial crisis gripping Europe. Why? I've got two reasons:
1 - they know that things are really bad, that a bunch of banks are going to go under and must be nationalized and saved by the European Union, and they (Germany) is not very comfortable being the main money lender/saver in Europe.
2 - they are stringing Europe and the rest of the world along, waiting for the European countries that are in trouble to step up and make more cuts and sacrifices before Germany steps in to save the day.
Here's the problem with these two "possible" reasons, neither one of them addresses the problems NOW, which is what member countries of the EU must do.
So, whether the lack of German intervention is because they don't want to be the go to savior of the financial crisis, or they are kicking the can down the road in order to get other countries to bare more of the burden, both reasons are troubling and investors need to continue to monitor the European situation as we are still held hostage by it.