In France, the left is in. In Greece, no one has a clue of who is in.
At the end of day, it means that France will sink further into recession as the new leadership calls for more spending financed by taxing the rich. (Where have we heard that one before?)
In Greece, the voters literally turned the political system up side down. Greek voters do not want to face the reality that their welfare state is unsustainable. Unfortunately, no leader of consequence is willing to tell the Greeks what they must hear.
Sarkozy was tough on Iran and willing to support the US in Afghanistan. Pres-elect Hollande won't be so pro-US and that could make it a lot more difficult to impose sanctions on Iran.
France will go more socialist and that's not good news for job creation or investment. I wouldn't be surprised if the "rich" in France bailout and move their capital elsewhere.
In Greece, the voters literally turned the political system up side down. Greek voters do not want to face the reality that their welfare state is unsustainable. Unfortunately, no leader of consequence is willing to tell the Greeks what they must hear.
Sarkozy was tough on Iran and willing to support the US in Afghanistan. Pres-elect Hollande won't be so pro-US and that could make it a lot more difficult to impose sanctions on Iran.
France will go more socialist and that's not good news for job creation or investment. I wouldn't be surprised if the "rich" in France bailout and move their capital elsewhere.
We discussed the latest political earthquake in Europe with Bill Katz on Sunday night. I agee with Bill's latest post on the elections:
Click here for the Sunday night show:
"The way ahead economically will be difficult, and we need a drastic change in American leadership to find our way successfully."
Click here for the Sunday night show:
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Tags: Greece and France shake up the European landscape
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