Skip to comments.Short honeymoon for Hollande after French election win
Posted on 05/06/2012 10:55:18 PM PDT by Olog-hai
A victorious François Hollande faces a short honeymoon after his election as France's first left-wing president in 17 years, with financial markets eager for clear signals on his policies and how hard he plans to push back against German-led austerity.
The moderate Socialist beat conservative Nicolas Sarkozy with 51.7 percent of Sunday's runoff vote after a bruising campaign dominated by the same anger over economic crisis that has felled 10 other European leaders since late 2009.
While jubilant left-wing voters partied into the early hours of Monday in central Paris, Hollande admitted that for him, the festivities would have to be short-lived.
"There is a lot of joy and pride, but also apprehension at taking on this responsibility at a difficult time for the country and for Europe," he said.
The new president is expected to be sworn in on May 15. As fears about the euro zone's debt crisis resurface following an inconclusive election in Greece, Hollande will travel to Berlin shortly thereafter to challenge Germany's focus on austerity policies and press new ideas for stimulating growth.
Hollande must quickly outline his domestic plans, likely to center around a major tax reform, and revise over-optimistic growth targets which threaten France's deficit-cutting goals.
His plans to tweak a reform that raised the retirement age to 62 and increase the minimum wage are also rattling investors who fear France could drift away from the club of sound northern European borrowers and towards the debt-laden periphery.
(Excerpt) Read more at reuters.com ...
Is he going to spend France out of debt like the Rat/Rino’s plan to do here?
To quote a song “Nothin’ from nothin’ gets nothin’”
This proves you CAN beat somebody with nobody!!!
Zero has dreams to do the same to us ... go ahead Romney haters... make 0mbamas dream come true...
I don’t like Romney but I know what 0bama has planned for us.
I am pinching my nose and one more time voting for the least worse...
I wish Texas could even make a dent in the Primaries, it is always over before we get a chance to Vote.
Actually, he could take a page straight out of the US book and increase taxes on French companies...forcing them to consider leaving or leaving marginal profits for the share-holders. My guess is that you will hear more about this toward the end of 2012 when French economic results look even more dismal than they do today.
“Moderate Socialist” is an oxymoron.
The French idiots don’t understand that they’re out of other people’s money. Socialism will lead to more misery and definitely bloodshed.
Yup, they’re French...
Anyone know if “Hollande” is French for “Obama”?
“The moderate Socialist beat conservative Nicolas Sarkozy...”
Talk about mis-categorizing both men!
“The French idiots dont understand that theyre out of other peoples money. Socialism will lead to more misery and definitely bloodshed.”
Watch the gap between the french and german bonds jump - france is going to get crushed.
greece.francewhos next? they all wiil reject austerity eventually
I guess we have a lot in common with France now..they have a Socialist as President, and so do we..actually ours is a Communist but basically the same thing
The French do get one thing right.
Their new president gets sworn in about one week after he is elected.
In the USA every time we boot a liberal out of the White House he gets 10 weeks to destroy evidence, steal us blind and leave booby traps and IED’s for the new president.
Also, the collapse of the French economy while a Socialist is in office is icing on the cake...
“Their new president gets sworn in about one week after he is elected.”
oh I’m sure if a conservative was ever elected there, they’d give the liberal 10 more weeks.
Ok he’s the president of Frabce it’s goning be what the Chamber of Deputies look like .
“If we’re lucky, the French economy will collapse between now and November, so people will get an idea of what 4 more years of Obama will look like.
Also, the collapse of the French economy while a Socialist is in office is icing on the cake...”
It will be explained that they inherited the problem from Bush!
Does the moderate socialist eat jumbo shrimp?
I think a moderate socialist drives the bus over the cliff at 40mph rather than 60 mph.
France has just moved Inspector Clouseau from the Surete to the Elysee. Hollande, “Mr.Wobbly Man,” has never run anything in his life - never a Minister, nothing. Reminds me of a certain American politician.
Germany — close your borders, pull out of the Euro before it drags your economy down. Let France & Greece twist in the wind. Mop up the mess after it is all over.
Heh, it occurred to me last night that if the Germans do it right, they could accomplish without firing a shot this century what they couldn't, twice, with whole scale destruction the last.
The French election and business
The 75% tax and other alarming campaign promises
Apr 7th 2012 | PARIS
EUROFINS SCIENTIFIC, a bio-analytics firm, is the sort of enterprise that France boasts about. It is fast-growing, international and hungry to buy rivals. So people noticed when in March it decamped to Luxembourg. Observers reckon it was fleeing Frances high taxes. It will soon be joined by Sword Group, a successful software firm, which voted to move to Luxembourg last month.
François Hollande, the Socialist candidate, and the current favourite to win the second and final round on May 6th, has promised a top marginal income-tax rate of 75% for those earning over 1m ($1.3m). He has declared war on finance. he pledges, corporate taxes will rise and stock options will be outlawed.
May 4, 2012 4:32 pm
Wealthy French eye move across the Channel
By James Pickford, London and South-East Correspondent
Wealthy French people are looking to London as a refuge from fresh taxes on high earners pledged by candidates in the countrys presidential elections.
The soak the rich rhetoric that has punctuated the presidential campaign has prompted a sharp rise in the numbers weighing a move across the Channel, according to London-based wealth managers, lawyers and property agents specialising in French clients.
François Hollande, the Socialist My true adversary in this battle has no name, no face, no party ... It is the world of finance.
Inquiries from French clients had risen by roughly 40 per cent since the speech, says David Blanc, a partner at Vestra Wealth, a London-based wealth manager.
I have definitely seen strong interest in what could be done to protect assets both for people resident in France but also for French nationals who are UK resident, said Mr Blanc, a former UBS executive.
The prospect of a Gallic diaspora of high earners was backed up by Knight Frank, the property agent, which said numbers of French web users searching online for its prime London properties online in the past three months had risen 19 per cent compared with the same period last year. The equivalent figure for Europe as a whole fell 9 per cent.
The election seems to have pushed a growing number of wealthy French to consider their options for where they are likely to base themselves in the future, says Liam Bailey, head of research at Knight Frank.
French elite are fleeing Paris, to live in Brussels ‘tax haven’
02 May 2012
Faced with increasing hostility at home, France’s moneyed classes are taking flight to Belgium because they do not like either Hollande or Sarkozy - Brussels, on the other hand, seems to cater for all of the needs of the rich
France’s wealthy do not feel the need to wait for the outcome of their country’s presidential election; they are already voting with their feet. Convinced the rich will no longer be welcome under the next government, many are moving to neighbouring Belgium. Calls from France to tax lawyers and estate agents in Brussels are increasing in frequency by the week. When Socialist candidate François Hollande, the pollsters’ favourite, broke clear of incumbent Nicolas Sarkozy after the first round of voting - Brussels estate agents reported receiving up to 20 calls a day from French house-hunters. Most were looking to rent four and five-bedroom properties in the capital’s most desirable districts with an average budget of 3,500 a month.
Hollande - who famously said he “doesn’t like the rich” - wants to put up the country’s wealth tax; in French, impôt sur la fortune. Belgium, on the other hand “loves entrepreneurs,” says Brussels-based tax lawyer Manoel Dekeyser. Belgium’s salaried employees might suffer under some of the highest taxes in the European Union, but the fiscal system is quite forgiving for the cash-rich. “Half of all those who move to Belgium want to sell their company,” Dekeyser tells PublicServiceEurope.com . “They are usually aged between 40 and 50.” There is no capital gains tax in Belgium, meaning that those who sell a firm - provided they can prove residency - walk away with the entire profit. To preserve this money from France’s wealth tax, they often stay permanently in Belgium.
I see the Reuters writer has been in a coma for the last 17 years. Poor guy. He probably thinks Dean Martin is still performing too.