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The Eurozone has balanced foreign accounts. RoW is therefore not a surplus sink for the Eurozone. RoW not being a surplus sink, and China belonging to RoW, China cannot be a surplus sink.
This is elementary graph theory. So elementary, in fact, that you can prove it simply by drawing a graph with the nodes "Greece," "rest of Eurozone" and "Rest of World."
Then impose the boundary conditions that inflows must exceed outflows for Greece, and that all in- and outflows to RoW must sum to zero.
The only sink in that graph is RoE. China is not in the Eurozone, and is therefore not a sink.
Q.e.d.
This has been your first and last fee lesson in elementary graph theory. If anything here is unclear, look it up before venturing into discussions of international trade again.
- Jake Friends come and go. Enemies accumulate.
The Eurozone is running a balanced trade with RoW.
That means that the Greek deficit cannot end up in a sink outside the Eurozone. It. Is. Not. Possible.
As long as the Eurozone as a whole is running balanced foreign accounts, all Eurozone countries' aggregate deficits must end up as surpluses for other Eurozone countries.
This is not a difficult concept to grasp, so I really don't see why you continue this obtuse insistence that German surpluses are not the problem.
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