A political crisis is brewing in Germany after German Chancellor Angela Merkel revealed that she had failed in her efforts to form a three-way coalition government.
The development has now pushed Europe’s largest economy closer to a possible new election and the euro hitting a two-month low against the yen soon after it became clear that Merkel failed in her efforts.
Speaking moments after the deadlock, a weary looking Merkel said she would stay on as acting chancellor and would consult with President Frank-Walter Steinmeier on how to move forward.
“It is a day of deep reflection on how to go forward in Germany,” Merkel told reporters. “As chancellor, I will do everything to ensure that this country is well managed in the difficult weeks to come.”
Report say talks collapsed with the pro-business Free Democrats (FDP) led by Christian Lindner as the party unexpectedly pulled out of more than four weeks of negotiations with Merkel’s conservative bloc and the ecologist Greens, citing irreconcilable differences.
According to the FDP leader, the three would-be partners could not find common ground on key issues.
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