Monday, May 7, 2012

Au revoir, austerity! New Euro crisis as French and Greeks reject cuts and vote for return to ruinous spending

Europe is facing a fresh economic crisis after France rejected austerity and elected a tax-and-spend socialist president.

Nicolas Sarkozy suffered a humiliating defeat at the hands of Francois Hollande, who ran on a platform of tearing up last December’s controversial deal to save the euro from oblivion.

The Euro plunged to a three-month low as the inexperienced Mr Hollande planned talks with the European Central Bank and German Chancellor Angela Merkel to demand further borrowing to boost growth. Read More