• Angela Merkel’s path to re-election is clear with the CDU’s victory in NRW.
  • She has already pivoted to a more hard line stance against populist anti-EU movements.
  • This will have grave long-term effects on the euro, despite the current rally.

The headlines out of Greece are frightening, but German Chancellor Angela Merkel is likely smiling. The police are rioting in response to the latest austerity edicts handed down from the European Union.

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