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Tomasz Wieladek and Iaroslav Shelepko at....>

GERMANY
GERMANY: Tomasz Wieladek and Iaroslav Shelepko at Barclays write "With SPD
appointees heading both the finance and foreign ministry, government policy will
likely turn very pro-European. But key SPD issues were sidelined and the SPD's
approval ratings are falling. We expect the party membership vote in 3-4 weeks
to therefore only narrowly approve the treaty."

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