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World leaders on Monday congratulated Socialist Francois Hollandeon his victory in France's presidential election that noticed yetanother European leader voted out of workplace amid an ongoingfinancial disaster. But, European financial markets remainvolatile, reflecting uncertainty about France's next chief and hiseconomic prescriptions for the country. As the victory celebrations wind down, France next president,Francois Hollande, faces many challenges. Addressing hundreds of supporters after defeating conservativePresident Nicolas Sarkozy on Sunday, Hollande promised justice,equality and a better future for French youth. Additional info says he desires to boost taxes on the rich and invest morein training, and that he desires Europe to promote growth and notausterity measures to turn across the monetary disaster.
But many people query whether the 57-year-old socialist is up tothe job. Hollande has been in politics for years. But he isan untested leader in troubled economic occasions. France'snational debt and unemployment are hovering. And the country'seconomy is barely rising.

Political analyst Bruno Cautres: "No one is aware of precisely the capability of Francois Hollande to facehuge financial issues, to deal with the job to be the Frenchpresident," stated Cautres. But Cautres says Hollande stunned many individuals during thepresidential marketing campaign by sounding more and more presidential andcapable of dealing with robust points. "Francois Hollande presented himself as a normal man - the one whocan relax all of the anguish of the French inhabitants over theeconomic crisis, with this changing world which is making theFrench population so [fearful] that finally we're going to losethe social protection, that we're going to lose the socialsecurity that we're very attached to," he mentioned. On the streets to Paris, Hollande supporters like 24-year-oldstudent Luiza Taiati are overjoyed by their candidate's victory.

Taiati says French leftists have been waiting for 20 years for aSocialist Party president. Under Sarkozy, she says there hasbeen financial uncertainty, with folks having a troublesome timemaking ends meet. But 33-year-old businessman Juan Pablo Vargas is nervous about thefuture. "I'm very preoccupied on France and on Europe, especially becausewe're not sure Germany will continue to finance everything, ifHollande changes all the finances of France," mentioned Vargas.

"I'mafraid [that France] might get isolated against Germany. And ifthat occurs, nicely, it may be a collapse of the European Union,which might not be good for anybody." read more says he wants to change a fiscal self-discipline agreementbetween 25 of the 27 European Union countries - including financialpowerhouse Germany. After his inauguration subsequent week [May15], Hollande is anticipated to meet with Germany ChancellorAngela Merkel, who's a powerful supporter of budget self-discipline. Economist Tomasz Michalski of France's HEC business college saysHollande's name for progress is resonating in different Europeancountries, as well-liked protests mount towards economic austeritymeasures. "Mr.

Hollande is a really sensible guy," mentioned Michalski. "He's veryprecise in his language. He doesn't wish to renegotiate thefiscal compact; he wants to change and complete it by a growthpact. And this is where he and Mrs. Merkel can meet." But Michalski says the Socialist chief is making huge promises forFrance and Europe - guarantees he won't be succesful of maintain at a timewhen financial progress forecasts are bleak.

"Mr. Hollande can't spend himself out of a recession," he mentioned." Additional info can't spend more cash; he can't print more money. Theproblem with his policies is that in the short run, he may be ableto restore price range steadiness. But I do not see how on Earth he'sgoing to stimulate long-term development for France." In some ways, Michalski says, Hollande's political fortuneswill not depend on his policies, however on exterior events.

If theglobal financial system recovers, France's president-elect might have the ability todeliver on his promises. If not, Michalski says, Hollandemight meet the same political fate as outgoing President NicolasSarkozy.

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