Moody’s Investor Service warnings on the increasing cost of both a Euro breakup and the cost to keep the currency bloc together, has once again spooked investors. Germany, being the strongest economy in the Euro Zone, would have to bear the largest cost of either outcome.

As this Wall Street Journal article points out, the negative outlook on Germany’s AAA credit rating isn’t a 100% guarantee that is will be reduced, but does outline the increasing monetary costs that Germany would have to incur. Investors this week have continued to sell risky assets and invest in risk free bonds, and in some cases, incurring negative real returns in the case of German sovereign debt, to protect their assets.