Monday, May 7, 2012

Germany warns France there is no easy way out after it elects anti-austerity president - as sour-faced Sarko breaks cover for last official duties

France's president elect Francois Hollande today began the task of building his new government as he was thrust right into the heart of the Eurozone crisis.

Just hours after his historic victory over Nicolas Sarkozy, the French Socialist's pledge to scrap the austerity agenda was already under attack from Germany.

And there was turmoil in Greece after voters failed to elect a majority government. Instead, the country faces weeks of protracted talks and uncertainty.

The result sent markets tumbling across Europe this morning though most exchanges had recovered by the end of the day. Greece remained 6.6 per cent down. Read More