This is an excellent and MUST READ article from Spiegel. Check it out!
If I understand the Spiegel article correctly Germany is ready to invest in Southern Europe in a sort of mini-Marshall Plan. This would appear to be a major turning point in German policy on austerity. This is a very shrewd move from Germany and will be welcomed with open arms in Southern Europe. It’s early days so far but it looks like Spain will be a test case.