Hugh Hendry made some points at the Milken Institute conference recently, I am sure you have already seen this but this is the link anyways.
I want to highlight one comment he made. I paraphrase here "Germany has high operational leverage and when you have high operational leverage, you want to have very little financial leverage. That is why Germany is so averse to debt."
Then he mentioned Siemens vs. P&G. Interesting comment this.