It may be less keen on Dresdner doing a deal with Deutsche, in which it holds 5%, because it vies with Deutsche for the role of German finance's kingpin.

ECONOMIST: Snail-paced consolidation

Also, because the unions would have stayed away, the remaining Dems will not be too keen on taking up causes for the unions, especially when they were not doing so even when they were backed by them.

FORBES: Unions To National Democratic Politicians: Who Needs You?

But Phillips says he is not looking beyond doing a job in Argentina to the best of his abilities, although he admits he would be keen on a longer commitment.

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