This has been a watershed day in Europe. With considerable pomp, much joy and great expectations François Hollande has begun his term as seventh Président of the fifth République following in the historic footsteps of Charles De Gaulle, Georges Pompidou, Valéry Giscard d’Estaing, François Mitterrand; Jacques Chirac; and Nicholas Sarkozy. His speeches today emphasized a new beginning, social justice, young people and being President of all of France despite the political differences that exist among French citizens as to the correct way forward in these difficult days. We wish him the very best in the demanding days ahead.
In Greece the political deadlock has continued and it seems that new elections will be announced tomorrow. If the polls are accurate and the political dynamic does not alter it would seem very likely that the anti-austerity party will gain further support and more seats in the next election. We shall see what the June election delivers. In the meantime uncertainty about the future of the euro in Greece will continue .