François Hollande Wins:Exit Polls claim;Greece votes to repudiate austerity

François Hollande has won the French Presidential election with 51.9 % of the vote according to French exit polls. Nicholas Sarkozy has obtained 48.1 % of the vote according to these exit polls. It is an historic victory for the Socialist party and the progressive centre of French politics and will have a major impact upon European politics and policy, coupled with the apparent defeat  of  pro-austerity parties in Greece.

In Greece according to preliminary results Pasok, the Greek socialist party that negotiated the austerity conditions has received 17-19% of the vote, New Democracy its conservative partner has received about 20 %   while the Coalition of the Left opposed to austerity has received 17-20 %. The extreme rightist party Golden Dawn has received 7-8 % according to exit polls and will hold seats in Parliament. It will take time to forge a coalition government with the participation of some of the other small parties elected to Parliament.

(More recent results show that New Democracy got 19.2 %; Coalition of the Left 16.6%;Pasok 13.39 %; Independent Greeks 10.54 %;KKE- a communist party 8.41 %; ;Golden Dawn 6.92 %; Dimar a social democratic party 6.07 %.)

Nicholas Sarkozy has delivered an eloquent concession speech in which he professed his love of France, his respect for the traditions of French Democracy and his best wishes to François Hollande in these difficult times.

The latest Minister of the Interior Official results with 71 % of the vote counted shows Sarkozy with 48.9 % and François Hollande with 51.1 % of the vote. (at 3:20 Montréal time.) Latest official results 99% of vote counted  François Hollande 51.7% Nicholas Sarkozy 48.3 %.

François Hollande for his part speaking in his political home of Tulle celebrated his victory with a generous  and passionate speech that stressed his devotion to serving the Republic, his desire to unify France,his commitment to ending the emphasis upon extreme austerity, his gratitude to the centrists and humanists who supported him (although he still promises to reduce the debt by 2015 we shall see how he goes about trying to accomplish this. There is only one way that will work and that is through economic growth and lower unemployment.) his commitment to lowering unemployment and creating jobs for young people and his expression of solidarity with his fellow Europeans in their hour of need in the face of the economic crisis. He also thanked M.Sarkozy for his service and promised to be a President for all of France.

Félicitations Président Hollande et bonne chance !


About haroldchorneyeconomist

I am Professor of political economy at Concordia university in Montréal, Québec, Canada. I received my B.A.Hons (econ.&poli sci) from the University of Manitoba. I also completed my M.A. degree in economics there. Went on to spend two years at the London School of Economics as a Ph.D. student in economics and then completed my Ph.D. in political economy at the University of Toronto. Was named a John W.Dafoe fellow, a CMHC fellow and a Canada Council fellow. I also was named a Woodrow Wilson fellow in 1968 after completing my first class honours undergraduate degree. Worked as an economist in the area of education, labour economics and as the senior economist with the Manitoba Housing and Renewal Corporation for the Government of Manitoba from 1972 to 1978. I also have worked as an economic consultant for MDT socio-economic consultants and have been consulted on urban planning, health policy, linguistic duality and public sector finance questions by the governments of Manitoba, Saskatchewan,the cities of Regina and Saskatoon, Ontario and the Federal government of Canada. I have also been consulted by senior leaders of the British Labour party, MPs from the Progressive Conservative party, the Liberal party and the New Democrats on economic policy questions. Members of the Government of France under the Presidency of Francois Mitterand discussed my work on public sector deficits. I have also run for elected office at the municipal level. I first began to write about quantitative easing as a useful policy option during the early 1980s.
This entry was posted in European debt crisis, European unemployment, France politics+economy, Greek sovereign debt crisis, Uncategorized. Bookmark the permalink.

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