Germany's Eurozone bad debt illustrated

From Mish, a very plain illustration of  what the Eurozone situation is:  Germany is owed massive amounts by the rest of the countries.  We know that a sizeable proportion of the "assets" are worth a fraction of their face value.  The only way to get the trend lines to converge is haircuts on Germany's claims.  Of course, to propose this would be political poison for German leaders.