Not a surprise, but it’s a whole new ballgame in Europe now.
Francois Hollande held a strong lead of 52.5 to 47.5 per cent over Sarkozy, all but assuring the return of Socialists to power in France for the first time in 17 years, according to exit polls released by Swiss and Belgian news media three hours before the close of the polls.
Hollande is said to be antagonistic toward Angela Merkel, Germany’s PM. Especially her economic policies toward other Eurozone countries. The candidate on the right this time was
His opponent will be Marine LePen, daughter of one of France’s most radical-right politicians since WWII.
UPDATE: Naked Capitalism fleshes it out a bit:
And here it the critical point, that the Hollande victory is yet more proof that the public is sick of failed policies:
Mr. Sarkozy’s defeat makes him the 11th euro-zone leader swept away in the sovereign-debt crisis.
But technocrats are still driving this train, although France is a significant enough player, and more important, a key ally of the bloc of surplus countries, that we might finally see a shift in policies. Stay tuned.