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###POV. German election cribsheet. -........>

GERMANY
GERMANY: ###POV. German election cribsheet.
- Election Date is Sunday Sep 24. Here are the possible coalitions in order of
likelihood
- Grand coalition CDU/CSU & SPD (existing govt)
- Coalition CDU/CSU FDP & Green.
- Coalition CDU/CSU and only FDP.
- Key policies and market implications: If SPD or Greens are strong in the
coalition, it will be considered fiscally looser and pro-EU. Bund yields might
rise, periphery to benefit. Instead, FDP strong is considered pro-business but
against expansion of ESM and potentially negative for periphery. 
- Other points to note: the AfD is the anti European party and polling around
11%, it needs to stay low so as not to hurt peripheral debt. 
- With Merkel voted back in, Brexit talks and French-German thrashing out of a
new look Europe with Macron might accelerate. However, German coalition talks
could last a month or more. FDP leader Christian Linder has been called the
"anti-Macron" and thinks Greece should leave the Eurozone.

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