For perspective: Angela Merkel has been in power for longer than Evo Moralez was.
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Sure, in a coalition with various parties including mostly her biggest rivals, in a federal country where states have a lot of power, with a lot of checks and balances and a very strong constitutional Court which restricts a lot of what governments can do. Let's not compare the state of Germany's democracy and its civil society with Bolivia.
That is fully legal and normal in a parliamentary system. In presidential systems, the president is given a lot of power which is why he/she is often term limited.
Angela Merkel is not president of Germany. It's funny you mention this since I lived in South America for most of my life and only recently moved to Germany, so I can see the differences in the way things are done over there and over here.
Germany's equivalent to US' or Bolivias president is Merkels position, the chancellor. Germany's president is more like the role of the Queen in the UK.
I was being cheeky, but it's hardly a valid equivalent. It's only equivalent in the sense that she's the head of the executive power, but in reality by design the system gives a chancellor way less power than a president has.