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...
“The mainstream media will attempt to spin French President Nicholas Sarkozy’s loss today to Socialist challenger François Hollande as a rejection of ‘austerity’ policies—and to urge American voters to reject the deficit-cutting politics of the Tea Party when we go to the polls in November. In fact, there are important lessons from France—and they are the precise opposite of what the media is telling us.”
“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. “
What “new approach” would that be? These idiots have just bought themselves many decades of misery.
Gentlemen, start your Panzers!
Deficit spending squanders capital and leads to poverty. Financial gimmickry will not produce real wealth. Austerity one way or the other is a reality.
what has to happen to the whole world is massive inflation.....I don't see how else the world's debt gets paid....
Must be a Democrat talking point, seen something here locally declaring the same, to which we ask, “then why hasn’t any of stated intent of the Government Stimulus worked since Pelosi, Reid and Congressional Democrats started it in 2007?
and the dollar.
and the dollar.
The second [wing of the Left] is the highly educated intelligentsia, continues Gingrich. These are people of whom Ronald Reagan said it isnt what they dont know thats frightening, its what they know that isnt true. These are the people who believe that Castro is really okay, that Chávez is a pretty good guy, and that it was terrific that Ahmadinejad got a nice run last week and no one was mean to him in New York.
I’m sure the French know what they’re doing. /s
Stupid Froggies. The Germans may just come over and kick ass again.
The article claims the French voted in the socialist because Sarkozy’s austerity wasn’t austere enough. To that I say, huh?
Of course, in Europe, where Socialism is the euphemistic norm, a leftist is a Commie, Greenie or Anarchist. A patriot is an extreme right winger or Nazi.
Never let a good crisis go to waste. Elect more Republicans.
It’s hard to think that so many probably fairly educated people can be so utterly clueless. They think all they have to do is demand and wealth will magically flow to them without them having to create it. Talk about a lapse of reality. What these people need are armies of robots to do all the work as they lay on the beaches sipping martinis.
The elite commies are not clueless or dumb. Remember a few things: This is how they make their living. They are godless. Ends justify the means.
They are selling their “Birthright” for a very small bowl of ill tasting pottage. The ChiComs and the Islam-A-Nazis are going to argue over who gets to buy what.
“And children shall rise against parents...”
Stage is set for Global fascism, and its U.S. forced Romneyism.
it’s the problem with a welfare state — it gets people so used to sucking at the govt teats that they don’t know what to do when the cow dies.
“It was all I could do to keep from throwing something at the TV, it sounded so stupid.”
You and I should invest in TV manufacturing stocks.