What were those thinking?
Things are not looking to bright for the embattled German Chancellor, Angela Merkel as she takes another knock in the regional elections. Its becoming hard to see how she can remain in office with European finances being in such a mess and the German workers expected to foot the bill.
The Social Democrats, Germany’s main opposition party, took 36.1 percent to win yesterday’s election in Mecklenburg-Western Pomerania, while Merkel’s Christian Democratic Union had 23.3 percent, ZDF television projections showed. The result in the eastern state where Merkel’s election district is located means her national coalition has been defeated or lost votes in all six German state elections so far this year as voters resist her bid to prevent a euro-region breakup by putting more taxpayer money on the line for bailouts.
“Merkel’s CDU got beat in her home state, adding to the sense that opposition to any solution to a deepening crisis is growing,” Sebastien Galy, a senior foreign-exchange strategist at Societe Generale SA in London, wrote in an e-mailed note.
The word 'Contagion' is popular these days and it springs to mind again as we ponder the future of not only Merkel, but Sarkozy, Berlusconi, Cameron and even Obama, time will tell.
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