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French election


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Oops didn't we just give a £10bn loan to the IMF bailout fund just as France are about to elect a socialist President (we know what that means in terms of public spending) who will reject the EU fiscal pact requiring balanced budgets?

 

I think our Chancellor may regret that loan.

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Current polling is 52.5% for the socialist and 47.5% for sarkozy, closer than predicted. Sarkozy could still just edge it but it looks more likely we'll get a case study in what happens to a country in huge debt that decides it can spend it's way out of debt, using the Germans money.

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This fourth coming week is going to be most interesting indeed, not only are the French likely to have rid themselves of that poison dwarf the Greeks have also voted and closing polls are showing that they have gone for Syriza, a radical leftwing party that rejects the country’s bailout programme.

 

All of a sudden the Euro-zone is going to be a different place, interesting times indeed.

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