This is third time that Merkel has managed to secure Bundestag backing for a Greek rescue plan during the last three years. Despite the criticism by some parliamentarians of the plan, only 12 members of Merkel's conservative-led coalition rejected the latest package - less than had been feared by party officials. One coalition member abstained.
Friday's overwhelming Bundestag vote in favour of the debt deal followed the decision by the opposition Greens and Social Democrats (SPD) to join the government in backing the plan. However, while the scale of the rebellion in the Bundestag against the package of measures might have been relatively limited, the enormity of the problems facing the eurozone underline the political risks facing Merkel as she heads into an election year.
A series of opinion polls have underscored the strong backing Merkel has received from the German electorate for her handling of the long-running crisis. This is despite the widespread opposition in Germany to pumping more money into bailing out debt-hit members of the 17-state eurozone. "Even in the eurozone crisis it's hard to attack her," said ING Bank economist Carsten Brzeski.
But between now and next September's election, Merkel faces a series of political risks resulting from the debt crisis. Not the least of those could be a sharp slump in the German economy in the coming months as the austerity and recession gripping the eurozone hits the nation's growth rate. "Merkel's current popularity does not guarantee that she will enjoy the same level of popularity next year," said Brzeski. "It's too early to tell."
Cobbled together at a meeting this week in Brussels between eurozone finance ministers and the International Monetary Fund, the Greek plan includes providing cash-strapped Greece with the next tranche of aid totalling 43.7 billion euros (56.6 billion dollars). But the IMF has indicated that it might pull out of the agreement if Athens fails to implement a debt buyback scheme, which forms a key part of the deal.
This could result in the debt deal unravelling and the Greek financial crisis re-emerging on the German political stage just as the nation's election campaign is gaining momentum. There is also the possibility that heavily indebted Spain might eventually be forced next year to seek a full bailout from the European Union. This would mean seeking Bundestag approval anew.
Parliamentarians, however, might be less willing to fall in behind another eurozone rescue package as an election starts to loom large on the political horizon. That danger could turn even more acute should the German electorate grow bailout weary, emboldening the opposition to work against her. If that's the case, she might find herself with few options should she see a rebellion in her own party ranks regarding plans to rescue the euro.