Germany should do its part in helping to bail out Eurpoe. However the responsibility should not be left up to just them. Germany should have a share in it as all countries in the union should. To rely on just one country for a bail out is dangerous for politics and finance.
Germany should not have to bail out all of Europe because it is not their responsibility. Other countries should have to pay their own debts because they spent the money in the first place. Germany cannot afford to bail out all of the dysfunctional economies of Europe in the first place.
Granted if Germany can help the rest of the European Union they should do so. However they should not be responsible for bailing out all of Europe or even any other country in Europe. Sharing in your success is one thing but completely supporting other large countries is totally different.
No one country is responsible for bailing out all its neighbors just because some of them made stupid decisions. This is not the obligation of Germany, nor is it an option I imagine they have any interest in partaking in. I certainly wouldn't, we tend to forget favors pretty quickly.
Germany should not have to bail out all of Europe. I think Europe should with the help from Germany be trying to find a solution that works for them. I think Germany has a right to step in and help them if they want to. Something should happen so they are not in the situation that they are in.