He clearly doesn’t distinguish the difference between Germany and the US with regards to interest rate determination and solvency risk:

Harvard’s Rogoff Sees ‘Bunch’ of Sovereign Defaults

“It’s very, very hard to call the timing, but it will happen,” Rogoff, co-author of a history on financial calamities, said in the speech. “In rich countries — Germany, the United States and maybe Japan — we are going to see slow growth. They will tighten their belts when the problem hits with interest rates. They will deal with it.”