Balance of Power Extra: How Merkel Won and Lost at the Same Time

Berenberg Says Germany's AFD Party Will Make Noise
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Angela Merkel is lucky to come out of the wreckage of Germany’s election with her hold on the chancellery more or less intact.

Her party unexpectedly recorded its weakest result since 1949, and was helped to victory by her main challenger, Martin Schulz’s Social Democrats, performing even worse. The chief beneficiary was the anti-immigration, anti-Islam Alternative for Germany party, which won seats in the Bundestag for the first time.