Socialist Francois Hollande wins French presidency

By
Real Estate Broker Owner

From the BBC:

Socialist Francois Hollande has been elected as France's new president.

He got about 52% of votes in Sunday's run-off, according to early projections, against 48% for centre-right incumbent Nicolas Sarkozy.

Mr Sarkozy has admitted defeat, saying: "Francois Hollande is the president of France and he must be respected."

Analysts say the vote has wide implications for the whole eurozone. Mr Hollande has vowed to rework a deal on government debt in member countries.

Exuberant Hollande supporters have already converged on Place de la Bastille in Paris - a traditional rallying point of the Left - to celebrate.

Mr Hollande capitalised on France's economic woes and President Sarkozy's unpopularity.

He also wants to raise the minimum wage, hire 60,000 more teachers and lower the retirement age from 62 to 60 for some workers.

The socialist candidate has promised to raise taxes on big corporations and people earning more than 1m euros a year.

Guess he will be invited to the White House pretty soon, Obama will love him!

 

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Comments 2 New Comment

Rainmaker
124,958
Will Handley
Certified Master Inspection Services
Progressive Inspection Service

With this and the Greece election outcome, stock markets should begin their descent tomorrow. It will be interesting to see what impact the break up of the Eurozone has on our housing industry in the coming months and years.

Socialism is here to stay as capitalism is on its last legs. We must evolve and survive until the system ultimately fails. Better dust off a copy of "Atlas Shrugged" we're going to need it! 

May 06, 2012 11:56 AM
Rainmaker
353,982
Dale Terry

Will, actually we may see an upswing tomorrow, money will surely be moving out of those countries.

May 06, 2012 11:58 AM
Rainmaker
353,982

Dale Terry

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