France votes for Socialism over austerity

[taxman]

BBC report

 

 

There's only so much a populace can take.

 

Viva La France

[WeX]

What have the French populace had to take? Their economy is in better shape than the rest of the EU apart from Germany and they are the 5th largest economy in the world. The French havent had to endure anywhere near as much as the likes of Greece or now Spain or even the UK for that matter. The only difference is the French themselves will not put up with anything that makes their life in least bit uncomfortable, even when its essentialist.

 

France will now give the rest of the world the two finger salute and do what they bloodywell like. Which will end badly, but for who, only time will tell.

[L00b]

There's only so much a populace can take.

In other news...Turkeys don't vote for Xmas!

 

Shocking, I know

 

My predictions: no major changes to come, (semi-) austerity policies to continue, Hollande to ride on election feel-good factor for as long as possible, then blame Sarko (a la Cameron) when that runs out, no progress to be made on deficit, France to lose another 'A' or 2 by mid2013 latest,...

 

It might make for interesting politico-economical movements at EU level, short & medium term. Depends how big the IOUs to Angela are, I suppose.

 

EDIT-in Washington atm, waiting 2 go back to meeting in a short while, so replies may not forthcoming too frequently.

[mj.scuba]

One step closer to Eurozone collapse.

[andygardener]

Wolfgang Schäuble, German finance minister on France -

 

“We cannot renegotiate agreements after every election. Hollande knows that too. I have said that everybody who gets elected into office must be able to save face. So we will discuss this with Hollande in a friendly way. But we won’t change our principles.”

 

And more sternly on Greece-

 

“If Greek voters were to vote for a majority that does not honour those agreements, then Greece will have to bear the consequences. EU membership is voluntary,”

 

I predict Eurozone implosion in 6 months or less.

[Patriot]

What a choice for the French electorate. Poisoned Dwarf-v-Socialist.

The French Trades Unions will think all their birthdays have come at once. I think 100b's post sums it up and to add further info consider this; Merkel has now lost her key ally and if,as predicted, Greece elects a euro-sceptic government she may be forced to considerably water down her stance on the fiscal pact.

The battle for leadership in the Eurozone now begins ie: Austerity or State spending.

[I1L2T3]

There is nothing to be afraid of....yet for the right-wing nutjobs who are screaming for austerity.

 

If the French turn their back on austerity then we will have in Europe something to test against, i.e. does taking a different path mean a different perhaps better, perhaps worse outcome.

 

That's a nice simple view. Can the French withstand German demands for austerity? Why should the French press on with austerity when Germany pushed the stimulus button big time? How can all this be squared with USA's slow but ongoing recovery off the back of massive stimulus by a left-ish (by US standards) government.

 

Let the experiment commence.

[green]

I like many of his policies... http://en.wikipedia.org/wiki/Fran%C3%A7ois_Hollande

 

Policies

Foreign policy: supports the withdrawal of French troops present in Afghanistan by the end of 2012.[29]

European politics: aims to conclude a new contract of Franco-German partnership and he advocates the adoption of a Directive on the protection of public services. Proposes closer Franco-German partnership: "an acceleration of the establishment of a Franco-German civic service, the creation of a Franco-German research office, the creation of a Franco-German industrial fund to finance common competitiveness clusters (transport, energy or environment) and the establishment of a common military headquarters."[30]

Financial system: backs the creation of a European rating agency and the separation of lending and investment in banks.

Energy: endorses reducing the share of nuclear power in electricity generation from 75 to 50% in favor of renewable energy sources.

Taxation: supports the merger of income tax and the General Social Contribution (CSG), the creation of an additional 45% for additional income of 150,000 euros, capping tax loopholes at a maximum of €10,000 per year, and questioning the relief solidarity tax on wealth (ISF, Impôt de Solidarité sur la Fortune) measure that should bring €29 billion in additional revenue.

Education: supports the recruitment of 60,000 new teachers, the creation of a study allowance and means-tested training, setting up a mutually beneficial contract that would allow a generation of experienced employees and craftsmen to be the guardians and teachers of younger newly-hired employees, thereby creating a total of 150,000 subsidized jobs.

Aid to SME's, with the creation of a public bank investment-oriented SME's and reducing the corporate tax rate to 30% for medium corporations and 15% for small.

Recruitment of 5,000 judges, police officers and gendarmes.

Construction of 500,000 homes per year, including 150,000 social, funded by a doubling of the ceiling of the A passbook, the State making available its local government land within five years.

Restoration of retirement at age 60 for those who have contributed more than 41 years.

Hollande supported same-sex marriage and adoption for LGBT couples, and has plans to pursue the issue in early 2013.[31]

The provision of development funds for deprived suburbs.[32]

Return to a deficit of 0% of GDP in 2017.[33]

Favours ratifying the European Charter for Regional or Minority Languages, for the recognition of regional languages of France: Alsatian, Lorraine Franconian, French Flemish, Catalan, Corsican, Breton, Gallo, Basque, Langues d'oïl, Franco-Provençal and Occitan.[34][35]

Wants to "combine the positions of presidents of the European Commission and of the European Council (currently held by José Manuel Barroso and Herman van Rompuy respectively) into a single office and that it should be directly chosen" by the Members of the European Parliament.[30]

[cgksheff]

Let them do what they want as long as we don't have to pay for it.

[Patriot]

I like many of his policies... http://en.wikipedia.org/wiki/Fran%C3%A7ois_Hollande

 

Policies

Foreign policy: supports the withdrawal of French troops present in Afghanistan by the end of 2012.[29]

European politics: aims to conclude a new contract of Franco-German partnership and he advocates the adoption of a Directive on the protection of public services. Proposes closer Franco-German partnership: "an acceleration of the establishment of a Franco-German civic service, the creation of a Franco-German research office, the creation of a Franco-German industrial fund to finance common competitiveness clusters (transport, energy or environment) and the establishment of a common military headquarters."[30]

Financial system: backs the creation of a European rating agency and the separation of lending and investment in banks.

Energy: endorses reducing the share of nuclear power in electricity generation from 75 to 50% in favor of renewable energy sources.

Taxation: supports the merger of income tax and the General Social Contribution (CSG), the creation of an additional 45% for additional income of 150,000 euros, capping tax loopholes at a maximum of €10,000 per year, and questioning the relief solidarity tax on wealth (ISF, Impôt de Solidarité sur la Fortune) measure that should bring €29 billion in additional revenue.

Education: supports the recruitment of 60,000 new teachers, the creation of a study allowance and means-tested training, setting up a mutually beneficial contract that would allow a generation of experienced employees and craftsmen to be the guardians and teachers of younger newly-hired employees, thereby creating a total of 150,000 subsidized jobs.

Aid to SME's, with the creation of a public bank investment-oriented SME's and reducing the corporate tax rate to 30% for medium corporations and 15% for small.

Recruitment of 5,000 judges, police officers and gendarmes.

Construction of 500,000 homes per year, including 150,000 social, funded by a doubling of the ceiling of the A passbook, the State making available its local government land within five years.

Restoration of retirement at age 60 for those who have contributed more than 41 years.

Hollande supported same-sex marriage and adoption for LGBT couples, and has plans to pursue the issue in early 2013.[31]

The provision of development funds for deprived suburbs.[32]

Return to a deficit of 0% of GDP in 2017.[33]

Favours ratifying the European Charter for Regional or Minority Languages, for the recognition of regional languages of France: Alsatian, Lorraine Franconian, French Flemish, Catalan, Corsican, Breton, Gallo, Basque, Langues d'oïl, Franco-Provençal and Occitan.[34][35]

Wants to "combine the positions of presidents of the European Commission and of the European Council (currently held by José Manuel Barroso and Herman van Rompuy respectively) into a single office and that it should be directly chosen" by the Members of the European Parliament.[30]

 

All good stuff that voters want to hear. His problem is that France will not be able to afford even 40% of his promises unless of course he ditches Sarkozy's recovery plan and asks Angela Merkel if she minds him making her and her policy for Eurozone recovery look even more stupid.

As for combining the EU Commission and Council Presidents' posts, why not.

Ein Reich.Ein Volk.Ein Fuhrer.