MADRID | By Miguel Navascués | Nobody questions Germany’s big efforts in the EZ, but Spain accumulates an external debt of 100% of GDP as Germany accumulates capital abroad amounting for 100% of its. When a country does not cease to make external surpluses, it generates parallel deficits in others. These gaps are corrected by means of a rate exchange appreciation- depreciation or by reinvesting the surplus in the countries in deficit. Neither of which is happening today.