VOA一句子的理解

VOA一句子的理解
文章主题,欧债危机.前提：法国与德国在私人投资者是否要承担拯救欧元的责任.德国原先支持,但后来妥协了.然后是下面这一句.
Analysts say this is a softening of Germany's position,which they say had been leaning forwards forcing losses on private creditors
which they say,此处which 指代Germany's position吗?那么they指代Analysts还是指德国?
纠正前提：法国与德国在私人投资者是否要承担拯救欧元的责任存在分歧。