ARCHIVE

Socialist Hollande Ousts Sarkozy in French Elections


Now they’ll know how we feel.

Socialist Francois Hollande defeated Nicolas Sarkozy today in their runoff election in France. The BBC reported:

Socialist Francois Hollande has been elected as France’s new president. He got about 52% of votes in Sunday’s run-off, according to early projections, against 48% for centre-right incumbent Nicolas Sarkozy. Mr Sarkozy has admitted defeat, saying: “Francois Hollande is the president of France and he must be respected.” Analysts say the vote has wide implications for the whole eurozone. Mr Hollande has vowed to rework a deal on government debt in member countries. Exuberant Hollande supporters have already converged on Place de la Bastille in Paris – a traditional rallying point of the Left – to celebrate. Mr Hollande capitalised on France’s economic woes and President Sarkozy’s unpopularity.

Wealthy French people are looking to London as a refuge from fresh taxes on high earners pledged by candidates in the country’s presidential elections.