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EU: Markets braced for shift away from austerity as Francois Hollande wins French election
The Telegraph ^ | 5/6/2012 | Roland Gribben

Posted on 05/06/2012 4:54:11 PM PDT by bruinbirdman

Financial markets are braced for a radical shift in economic policy and fresh question marks over a eurozone break-up, as Francois Hollande moves into the Elysee Palace on Monday as the first Socialist president of France for 30 years.


Mr Hollande's 'farewell to austerity' programme combines taxing the rich, raising
public spending and lowering the retirement age.

A confrontation between the new president and Angela Merkel, Germany's chancellor, is also high on the markets' worry list.

However leading economists believe Mr Hollande will attempt a damage limitation exercise to avoid increasing turmoil in a eurozone facing further upheavals, with result of this weekend's Greek election increasing speculation about an eventual break-up of the fragile currency bloc.

Mr Hollande's 'farewell to austerity' programme, which combines taxing the rich, raising public spending and lowering the retirement age, has raised the expectations of the French electorate about the end of the 'Merkozy' era.

But Ms Merkel is unlikely to cede ground in the face of Mr Hollande's demand for a re-writing of the eurozone fiscal pact.

Christian Jimenez, a fund manager at Diamant Bleu Gestion in Paris, said: "Hollande's victory has already been priced in by markets, however his promises made during the campaign have not been priced in, so there is risk on the downside if he stands his ground when he announces a first set of measures.

"There's a clear need to boost economic growth across Europe, no question, but the debate is on how to achieve that without spooking investors. All in all, Hollande won't be able to convince Merkel to soften her position on the need for austerity."

Chancellor George Osborne appeared diplomatically relaxed at Mr Hollande's victory. "I don't think it's a problem. He's not anti-austerity. He's made it very clear

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS: eucrisis; francecrisis; franceelection; francegreeceelection; hollande; hollandewins; sarkozy; stockmarketreaction
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1 posted on 05/06/2012 4:54:18 PM PDT by bruinbirdman
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To: bruinbirdman
Wweeeeeee!!!

I mean "Ouieeeeeeee!!!!"

2 posted on 05/06/2012 4:55:37 PM PDT by E. Pluribus Unum (Do I really need a sarcasm tag? Seriously? You're that dense?)
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To: bruinbirdman

Time to put my 401K back into guaranteed funds?


3 posted on 05/06/2012 4:56:11 PM PDT by raybbr (People who still support Obama are either a Marxist or a moron.)
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To: bruinbirdman

What is the definition of “austerity” that the press is using?

Aren’t those countries still running massive deficits?


4 posted on 05/06/2012 4:56:43 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: bruinbirdman

Maybe they can borrow their way out of debt.


5 posted on 05/06/2012 4:58:36 PM PDT by BinaryBoy (Anyone But Romney)
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To: bruinbirdman

How in the heck in this day and age of ecomonic devastation do idiots elect socialists, if not for their own stupidity and greed?

France is Greece.

“Don’t take my government bennies from me!”


6 posted on 05/06/2012 4:58:56 PM PDT by onyx (SUPPORT FREE REPUBLIC, DONATE MONTHLY. If you want on Sarah Palin's Ping List, let me know.)
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To: All

cautionary tale. France’s free riders reached 51%.

vive le freebees..


7 posted on 05/06/2012 4:59:19 PM PDT by newnhdad (Where will you be during the Election Riots of 2012/2013?)
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To: bruinbirdman
which combines taxing the rich, raising public spending and lowering the retirement age

This is a disaster for the French. Their only way out now is repudiation of debts by printing.

8 posted on 05/06/2012 5:02:07 PM PDT by agere_contra
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To: bruinbirdman

the problem with socialism is that eventually you run out of other people’s money


9 posted on 05/06/2012 5:06:52 PM PDT by FatherofFive (Islam is evil and must be eradicated)
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To: bruinbirdman

Does this Leftist believe that the Tooth Fairy is French? Angela Merkel better have the key to Germany’s treasury secured in her knickers.


10 posted on 05/06/2012 5:09:38 PM PDT by txrefugee
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To: onyx
How in the heck in this day and age of ecomonic devastation do idiots elect socialists, if not for their own stupidity and greed?

I believe your question answered itself.

11 posted on 05/06/2012 5:10:22 PM PDT by hinckley buzzard
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To: raybbr

Well, I wouldn’t suggest Government bonds, and there will be a short window where the media has enough folks believing a Democrat control of any one of the 3 parts of the legislative branch will produce a economic expansion, but don’t look for that to last past January.


12 posted on 05/06/2012 5:11:14 PM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: bruinbirdman

He’s a socialiste, so he must tax the rich if he is to stay true to his ideology. Yes, there will be austerity, but it will be because of economic contraction from a shrinking private sector.
I don’t think that the markets have ‘priced this in’. The euro will drop and the EU will become unglued. Germans still want to save and they want a strong currency. This appears impossible now with Greece, Italy, Spain, Portugal, and now La France.


13 posted on 05/06/2012 5:13:10 PM PDT by grumpygresh (Democrats delenda est; zero sera dans l'enfer bientot.)
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To: bruinbirdman

Hey BB Man I just saw CNBC world news just now Euro is trading down against Japanese Yen at this hour


14 posted on 05/06/2012 5:14:03 PM PDT by SevenofNine (We are Freepers, all your media belong to us ,resistance is futile)
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To: bruinbirdman

"Donnez-moi mes francs de Hollande!"

15 posted on 05/06/2012 5:18:14 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: raybbr
Time to put my 401K back into guaranteed funds?

I did Friday morning in anticipation of Sarkozy losing and throwing the markets into turmoil. Worst case: I'm wrong and lose a few bucks. Best case, I'm right and I protected my profits.

16 posted on 05/06/2012 5:18:42 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: bruinbirdman

Is this kinda like putting Jerry Brown in power in CA?


17 posted on 05/06/2012 5:19:32 PM PDT by umgud (No Rats, No Rino's)
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To: bruinbirdman

And so begins Mr. Hollande’s Opus.


18 posted on 05/06/2012 5:21:24 PM PDT by ichabod1 (Cheney/Rumsfeld 2012)
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To: txrefugee

She does. And she has already brought up the spectre of war if this does not get resolved.


19 posted on 05/06/2012 5:29:57 PM PDT by ichabod1 (Cheney/Rumsfeld 2012)
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To: bruinbirdman

Redistribution of misery.


20 posted on 05/06/2012 5:31:16 PM PDT by Huskrrrr
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