Francois Hollande was elected president of France in the 2012 French presidential election Sunday, becoming France’s first Socialist president in 17 years. Hollande defeated incumbent Nicolas Sarkozy on promises to reassess austerity deals aimed at solving Europe’s financial crisis in favor of pro-growth remedies, and to increase taxes for the rich.
The results of the French presidential election were echoed in Greece, where voters also punished pro-austerity parties in the polls, and are a major rejection for Franco-German led belt-tightening under former French president Nicolas Sarkozy and German Chancellor Angela Merkel.
Is the end of “Merkozy,” the Franco-German partnership that has enforced the austerity regime, a good thing?
The Euro hit a three and a half year low against the pound as financial markets reacted to the election results in France and Greece. What is the austerity backlash at the polls going to mean for the Eurozone?
- “Hollande’s victory means the end of ‘Merkozy,’ the Franco-German axis that has enforced the austerity regime of the past two years.” (althouse.blogspot.com)
- After Winning the French Presidency, What Will François Hollande Do Next? (globalspin.blogs.time.com)