Skip to comments.France, Greece and Germany election results send austerity shockwaves through Europe
Posted on 05/06/2012 8:30:13 PM PDT by bruinbirdman
The stunning victory of the French Socialists and wipe-out of mainstream parties in Greece sent shock waves on Sunday night crashing throughout the continent of Europe.
Supporters of Socialist Francois Hollande celebrate in Paris
François Hollande's election threws down the gauntlet to Angela Merkel, the German Chancellor, who has railroaded the eurozone into agreeing a new "fiskalpakt" treaty enshrining Germany's austerity doctrine.
The economic doctrine of austerity, to cut the burden of state spending to free up the economy, has ruled supreme with the support all of Europe's leaders, the European Union and financial markets.
But political leaders were on Sunday night conceding the consensus had been shattered beyond repair.
With Europe's economies plunging further into recession and as unemployment in the eurozone breaks record levels, voters demands for a new approach had finally become to great to ignore.
The popular backlash to EU imposed austerity to the centrist New Democracy and Socialist parties in Greece threatens the existence of the euro itself.
Greece is potentially ungovernable as a minority government must try and pass a new raft of austerity measures next month which are a condition of an EU-IMF bailout and Greek membership of the euro.
In France, while Hollande, the Socialist President-elect is a centrist, he is sitting on a powder keg of resentment at measures that his government will have to pass if it is not spark a meltdown of financial markets.
He has refused to ratify the treaty unless the eurozone and EU also sign up to a "growth pact".
Mr Hollande also horrified Berlin by sneering at the idea that France should change its constitution to enshrine a "debt brake" outlawing Socialist spending levels.
In a meeting in Berlin next week, Chancellor Merkel is set to warn the French President,
(Excerpt) Read more at telegraph.co.uk ...
Kermit, "No more mortgage. Petrol in the tank. Free education. Maybe a new washing machine."
Reporter, "Where's the money coming from?"
Kermit, "Hollande's stash."
I still don’t think they are using the word “austerity” correctly, just my opinion
The end of the euro.
Socialist Hollande is “centrist” too?
Hey, bring Kermit over here, he could occupy something or another
“Let the Good Times Roll!!!!”
Euros don’t know and they don’t know; they don’t know.
The time for stern letters is past.
No more bailouts. No more promises. No more compromises. Let the bankrupt folks sink. It's the only way to teach them basic truths about math.
Yes, that’s the first thing that came to my mind. It could be over for the Euro after just 10 years in circulation.
When they say “beneficial crisis” in Europe, they don’t mess around, do they . . . ?
Nah. The euro “fathers” wanted a crisis. There’s already a “solution” waiting on the sidelines to be imposed, and a good number of elites are ready to ram it down their citizens’ throats while they’re off-balance.
The French have been promised FREE SH**T! in exchange for votes for an entire generation, and BY GOD, they want the Free Sh*t!
I saw the CNN Reporter/Bimbette this afternoon saying this should send a VERY LOUD MESSAGE to Romney and the Republicans that Keynes was right, cutting spending doesn’t work, and that they will pay a price for this thinking in November!
It was all I could do to keep from throwing something at the TV, it sounded so stupid.
Holidays in the Sun!
When Marianne runs dry, Angela’s boot will provide little nourishment.
Electoral temper tantrums don’t change basic arithmetic or basic economics in the slightest, as Western Europe’s welfare-state parasites are about to find out.
Deutchland vs La France. That’s like Texas vs CA. Who’s going to won that one?
I think “austerity” here means the people are going to have to do with less, either via less socialist giveaways, or more taxes.
KEN ROGULSKI: Why are you here?
WOMAN: To get some money.
ROGULSKI: What kind of money?
WOMAN: Obama money.
ROGULSKI: Where’s it coming from?
ROGULSKI: And where did Obama get it?
WOMAN: I don’t know. His stash. I don’t know. I don’t know where he got it from but he’s giving it to us, to help us. We love him. That’s why we voted for him. Obama! Obama!
Living within your means is considered disgusting I guess.
Give the euro ruling aristocracy a rope and they wanna be cowboys- WWI, WWII, Cold War; at least they’re not slaughtering by the millions again.
Well, not yet anyway...
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