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Olaf Scholz is expected to take the helm of a new "traffic light" coalition between the Social Democratic Party, the Free Democrats and the Greens.
Three German political parties have sealed a deal for a new government, with left-leaning Olaf Scholz the proposed next chancellor following lengthy coalition negotiations and a historic election that sees Angela Merkel stepping down after 16 years at the helm.
Under the agreement announced in Berlin on Wednesday, Scholz, of the center-left Social Democratic Party (SPD), will head a three-party coalition with partners the Greens and pro-business Free Democrats. It follows a close September election and two months of negotiations to form a new government.
Scholz, joined by coalition partner leaders, told a news conference that the "traffic light government" is here, referring to the red, yellow and green colors of the respective parties. "We want to be daring when it comes to climate and industry," he said.
The deal -- which sets out the government's vision for its four-year term -- will now go to the wider party members for consideration. Barring any last-minute upsets, Scholz will be sworn in as chancellor early next month.
The new government's coalition parties are not traditional bedfellows. The pro-business Free Democrats is more usually aligned with the center-right, rather than the left-leaning SPD and Greens.
One sticking point in the coalition wrangling has been funding the Greens' ambitious climate plans, with the Free Democrats opposed to raising taxes