The pictures tell the story of a region whose leader – Germany – is hell bent on pushing everyone, even itself, over the precipice unless it gets everyone to repent and reform!
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Historinhas 
The PIGS face stark choice: Quit the ECB or face very long term monetary asphyxiation by a central bank unaccountable to voters.
The comparison of investment in EZ, US, Spain
http://www.miguelnavascues.com/2014/08/el-hundimiento-de-la-ue-y-espana-en-un.html
But wasn’t the Germany bit above the trend now? This is what I gen when I try to fit the trend:
https://drive.google.com/file/d/0B4e1RBANe0uVTUF1VEVUaDc1cG8/edit?usp=sharing
It looks similar to your trend:
So, Buba probably doesn’t allow big drop before they put ECB to work.