France’s Hollande Aims Anti-Austerity Message Directly at Germany
Francois Hollande said he wanted to make Berlin his first stop as president of France, but he warned that the Franco-German partnership was going to have to change and that Europe’s key word from now on was “growth.”
But while Chancellor Angela Merkel said she would welcome Hollande “with open arms” in the German capital, she made clear that she would not accept his plan to renegotiate the European Union’s controversial “austerity treaty” or pump E.U. funds into the continent’s stagnant economies.
Political upheaval in France, Greece rattles markets: The ascension of Francoise Hollande to the presidency in France and the creation of a fractured parliament in Greece are creating unease in global markets. The leadership of euro-zone countries has changed dramatically over the past few years. Here’s a look at some key events, as compiled by Bloomberg News.
The stage was set Monday for a test of wills between Hollande, the Socialist elected Sunday who beat out the conservative Nicolas Sarkozy, and Merkel, another conservative who in tandem with Sarkozy imposed the treaty this past December on often reluctant E.U. partners to force a decline in deficits and debts.