Glad you mentioned this, since it's not something that fits with US politics.
My understanding is that the situation in the PIIGS group (Italy as well) drives the value of the Euro down. If Germany stood alone, because it manufactures and exports so much, its currency value would be significantly higher outside of the mega-Euro. A low currency always stimulates exports (cos you pay less for the product) so Germany gets a big boost to its economy.
It isn't a surprise that the economies of SO. Europe run at a different speed to N. European ones, and it isn't a surprise that low Euro/ high exports would arise. The extent of the crisis might be a surprise, but I wonder if Germany especially isn't making hay while the sunshines in this regard. The strange thing is how France is coughing and spluttering, given the same conditions.
PS Germany also has direct recent experience of running in a two speed economy from the unification with the East. So I doubt any of this is a big surprise to German bankers.
PPS From the outside I am very much a fan of the Euro "experiment", but the current situation and the push for more central control isn't something any smaller country should be happy with. By smaller, I include the UK in that. We also have too much to lose because of the current power of the London markets.