Newport news in forex
In salvos heard round the world, the middle class revolt that has ousted 12 European leaders since 2009, capped its biggest victories on Sunday. One result is that Socialist Francois Hollande will replace incumbent Nicolas Sarkozy as President of France. In Greece, the outcome of the Sunday election will assure the anti-bailout Left Coalition Party a powerful role in the final political composition of the government.
Both results bode poorly for the success of austerity programs insisted upon by Germany, the European Central Bank and the IMF. The message from Greece not only threatens the country’s promise to comply with deeper austerity cuts but may put in motion the country’s withdrawal from the euro zone and quite possibly a return to a national currency.
In France, Hollande ran on an anti-Germany platform that promises to review the trade agreements and pledges that the conservative Sarkozy had actively supported. While Hollande, a newcomer to the upper echelon of political office, promised measures that favor growth over austerity. Sarkozy supported austerity cuts and implementation of a new sales tax to boost revenue.
Liberals will be watching how Hollande treats the unpopular the new sales tax. In an election that attests to the depths of public dislike for Sarkozy, the three point margin of victory was dependent upon assistance from unlikely sources, including the far-right, where Marine Le Pen garnered 17.9 percent in the first round of the elections. Centrist Francois Bayrou gathered 9.1 percent of the popular vote in the first round. Both candidates declined to support Sarkozy, encouraging their followers to get behind the challenger.
Source: Online Forex Trading Blog
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