In the debt crisis, everyone seems to focus on the possibility of Greece getting kicked out of the European Union, or rising bond yields in Spain, Italy, Portugal and others on the periphery.

I find very few who are entertaining the possibility that Germany, the strongest country in the Eurozone, quits.

Take a look below at the price ratio of the iShares Germany ETF (NYSEArca: EWG) relative to the Vanguard Europe ETF (NYSEArca: VGK).

A rising price ratio means the numerator/Germany is outperforming (up more/down less) the denominator/VGK. The opposite is also true of course. A falling ratio means the Germany is underperforming (up less/down more) the denominator.

Forget that the fact that the price ratio of Germany relative to the rest of Europe is near three year lows. Forget the fact that Greece two year yields are trading north of 40%.

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