Socialist Hollande triumphs over Sarkozy in French presidential electiion

The elections in Greece and France will probably rattle markets tomorrow (May 7). Francois Holland has been elected president in France. He is the first socialist president in two decades. The defeat is a humiliation for the incumbent Sarkozy.

Hollande won with between 52 and 53 per cent of the vote. Sarkozy received about 48 per cent. The last polls were close to that with a gap of about 5 per cent between Sarkozy and Hollande. Hollande had led throughout the campaign with Sarkozy being the first incumbent to ever lose a first round ballot!

Hollande vows to renegotiate the fiscal austerity pact a vow that worries EU leaders. Hollande also will increase taxes on the rich and hire some 60,000 teachers. For much more see this article.