Then he concludes with this:
Seeing Germany not catch this flight-to-quality bid is a major break in the pattern. And when it's combined with the lack of interest at the auction, then it hits you: Germany is more like Greece than the U.S. in the sense that neither it nor Greece has a central bank as a lender of last resort.
There is another way to look at the situation. In the first place, it is not clear that the European Central Bank (ECB) is not acting, at least informally, as a lender of last resort. On the other hand, if the lack of demand for German bonds is due to a perception that the ECB is not a lender of last resort, this just means that interest rates should be higher than they are both here and abroad.