Though German Chancellor Angel Merkel has supported the plan, many in Germany, including the Bundesbank President Jens Weidman, does not.

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Mr Rutte's policy echoes German Chancellor Angel Merkel's plans of strictly adhering to austerity measures that are designed to force down the country's deficit.

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In Germany, the CDU of Angel Merkel have lost 2 state elections and the Chancellor is aware that support to bailout the profligate periphery is deeply unpopular.

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