FRANKFURT (AFP) - For Germany, the crisis of confidence that has slammed the eurozone is not all bad a weak euro stimulates exports and means that its debt is easier to finance, economists say. But a crisis is still a crisis and Germany will not necessarily come out a winner, they add. Since the start of the Greek crisis, the DAX index of leading German stocks has held up better than that of other European markets, thanks to the weak euro, said Steffen Neumann of the LBBW bank. Since January 1, the DAX has gained 0.65 percent while the pan-European Eurostoxx 50 has lost more than 11pc. The euros fall in value against other major currencies is very good news for companies in Germany, the worlds second biggest exporter, the economist noted. Automobiles made by Volkswagen, chemicals produced by BASF or tools and car parts made by Bosch are more competitive outside Europe. A strong dollar is good for Siemens, the industrial giants finance director Joe Kaeser said last month. But the weaker euro does not provide an advantage for exports to other eurozone countries, which represented 42 percent of German trade last year, economists note. Other European countries with less specialised exports, like France and Italy, benefit more from a weaker euro because their wares are more sensitive to price variations, said Heinrich Bayer from Commerzbank. Germanys specialised goods such as machine tools tend to sell when the global economy is strong regardless of the price. Meanwhile, the German federal government has got a fillip from the crisis. German bonds, considered the benchmark by investors, are in greater demand owing to fears over those issued by countries such as Greece, Portugal or Spain, said Stefan Schilbe, chief economist at HSBC Trinkhaus. Berlin can therefore offer lower interest rates on its bonds and refinances in better conditions, he said. Last week, the interest paid on German 10-year bonds hit its lowest-ever level at 2.55 percent as investors sought out safety. Several economists said Germany could save several billion euros (dollars) per year in interest payments. Four billion euros (4.9 billion dollars) per year is a prudent estimate, said Neumann from LBBW. And as the economy rebounds, it continues to profit from the European Central Banks very accomodating monetary policy stance, which has to think of those countries that are still struggling, Schilbe said. The ECBs reference rate has stood at a record low of one percent for more than a year, providing monetary stimulus for the 16-nation eurozone. It is nonetheless hard to say if Germany is entirely profiting from its neighbours problems. In the end, all countries are hit by the crisis, Germany just a little less than the others, Schilbe said. Bayer from Commerzbank felt the crisis was largely negative for the German economy, Europes biggest, because concern is growing, the economy is suffering and in the end fiscal revenues will decline. Of 13 chief economists from large German banks surveyed by the Financial Times Deutschland however, none felt that the German economy had really suffered from the Greek crisis. For the majority, disadvantages and positive secondary effects cancelled each other out, while 42 percent estimated that Germany had done better overall.