France handed the presidency Sunday to leftist Francois Hollande, a champion of government stimulus programs who says the state should protect the downtrodden — a victory that could deal a death blow to the drive for austerity that has been the hallmark of Europe in recent years.
European voters have delivered “an earthquake,” says France’s prime minister, with the dramatic rise of right-wing, Euroskeptic parties. Partial returns from the 28-nation European Parliament elections show an unprecedented surge by Euroskeptics and outright anti-EU politicians. The results have sent national political party leaders scrambling with France’s ruling Socialist party holding a crisis meeting and Britain’s Conservatives rethinking their strategy for next year’s general election.
French president Francois Hollande's term does not end until 2017, but for the first time ever Marine Le Pen's Front National party is on top in head-to-head polling.Her father, Jean-Marie Le Pen once shocked France by taking Front National to round two in the 2002 election, but was defeated by incumbent president Jacques Chirac who obtained 82% of the votes.
By Delusional Economics, who is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from MacroBusiness.
Yesterday I noticed an interesting paragraph over at efxnews about France and its parallels with what many see in the market today: