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Current Events & Hot Topics Current Events & Hot Topics

a new Europe

Posted by on May. 7, 2012 at 10:05 AM
  • 8 Replies
Published: May 07, 2012 by Mark Memmott

A victory Sunday by Socialist presidential candidate Francois Hollande in France and the rejection by voters in Greece of that country's austerity policies have caused a "seismic shift" that threatens the future of the euro, The Guardian writes this morning.

The news has also sent financial markets down.

As Reuters says:

"Greece's vote, combined with the victory of Socialist Francois Hollande over incumbent Nicolas Sarkozy in a French presidential election, will raise pressure on Europe's paymaster Germany to pursue a more growth-oriented approach to the crisis. But it is far from clear whether Chancellor Angela Merkel, whose insistence on tough deficit reduction in vulnerable southern euro members is popular in Germany, will take more than symbolic steps in that direction, even after Sunday's elections.

" 'This shows that politics is getting out of control in Europe, the gap between politicians and voters is widening, that's what you see in Greece, that's what you see in France,' said Steen Jakobsen, chief economist at Saxo Bank in Copenhagen."

In the Greek parliamentary elections, according to NPR's Sylvia Poggioli, voters "sent a strong message to their country's international creditors ... rejecting their strict austerity policies."

Meanwhile, French voters seemed to be as interested in "getting rid of Sarkozy" as in electing Hollande, reports Eleanor Beardsley. But she adds that Hollande's first trip outside France will be to visit Germany's Merkel, and that he "plans to renegotiate [the] European austerity pact put in place by Sarkozy" and the German chancellor.

In response to the news about Sunday's elections in France and Greece, "the euro and equity markets fell and bond yields in the eurozone's periphery nations climbed," The Financial Times writes.

The Wall Street Journal says "Wall Street stocks are expected to open sharply lower Monday after weekend elections in France and Greece led to a flight of money out of assets perceived to be risky into those seen as havens."

"The fear now is that all the hard work that had gone into getting the second bailout package may start to unravel and we can expect some real pressure on stock markets in the coming days," analyst Justin Harper of IG Markets, tells the BBC. [Copyright 2012 National Public Radio]

Thoughts?
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by on May. 7, 2012 at 10:05 AM
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Replies (1-8):
rfurlongg
by on May. 7, 2012 at 1:34 PM
Shameless bump....

How will this affect our upcoming election and current economy?

These votes seem more like a reactionary vote, rather than a conviction one.
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Aislinn
by Silver Member on May. 7, 2012 at 1:36 PM

 LOL Welcome to our world, Europe. The gap between politicians and voters has never been so big. Our bailouts have been unraveling for months and our economy and dollar are in the shitter. Cry this American a river.. No offense.. lol

Aislinn
by Silver Member on May. 7, 2012 at 1:39 PM


Quoting rfurlongg:

Shameless bump....

How will this affect our upcoming election and current economy?

These votes seem more like a reactionary vote, rather than a conviction one.

 Kind of what happened in our last election?  lol I mean, we got the choice between sucky and sucky, but we elected a man who has very little experience, to run the free world, during a major crisis. Now, I am not saying McCain was any better or would have done any better, for that matter, but damn.. The American people should have demanded BETTER from BOTH parties.

rfurlongg
by on May. 7, 2012 at 1:55 PM
But that happens in every election though. France has a multi party system, and their voting is direct unlike our system.

My interest is more the economic effect of a socialist leader on the world economy


Quoting Aislinn:



Quoting rfurlongg:

Shameless bump....

How will this affect our upcoming election and current economy?

These votes seem more like a reactionary vote, rather than a conviction one.

 Kind of what happened in our last election?  lol I mean, we got the choice between sucky and sucky, but we elected a man who has very little experience, to run the free world, during a major crisis. Now, I am not saying McCain was any better or would have done any better, for that matter, but damn.. The American people should have demanded BETTER from BOTH parties.

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Aislinn
by Silver Member on May. 7, 2012 at 2:10 PM
1 mom liked this


Quoting rfurlongg:

But that happens in every election though. France has a multi party system, and their voting is direct unlike our system.

My interest is more the economic effect of a socialist leader on the world economy


Quoting Aislinn:

 


Quoting rfurlongg:

Shameless bump....

How will this affect our upcoming election and current economy?

These votes seem more like a reactionary vote, rather than a conviction one.

 Kind of what happened in our last election?  lol I mean, we got the choice between sucky and sucky, but we elected a man who has very little experience, to run the free world, during a major crisis. Now, I am not saying McCain was any better or would have done any better, for that matter, but damn.. The American people should have demanded BETTER from BOTH parties.


 Everyone, in just about every Industrialized country, needs to be prepared for the worst. In my opinion, within the next ten years, the world will suffer a economic collapse. The way most government are conducting themselves is not sustainable. And, we have a multi party system, too. The government and media would like to ignore them, but they exist. I also disagree with " That happens in every election". The last election was historic. From the amount of money our president spent to become elected to the major shift in peoples politics because of their hatred for George Bush. So, sorry, there are many comparisons to be made here.Especially what the ending will be. We will all be suffering, equally.

stormcris
by Christy on May. 7, 2012 at 2:32 PM

I hear Spain is look for a bailout. 

http://www.nytimes.com/2012/05/08/business/global/bank-chief-steps-down-as-spain-considers-rescue.html

I am not sure it will affect our elections until it affects our economy. 

rfurlongg
by on May. 7, 2012 at 5:50 PM
There are other parties in our system, but as far as presidential viability, they have none at the moment.

As far as contentious presidential elections... While the last was one contentious, it is historically debatable as to whether or not is was the "most" contentious. Lincoln's election split nation, I suspect that tops the charts. Kennedy's election was very, very, contentious as well.

Not sure why the hostility.... The pt of the article was a seismic shift in EU politics. My interest in discussion was the effect this will have, not "who is suffering more." Global politics and shifts in economic strategies affects us all.

Quoting Aislinn:



Quoting rfurlongg:

But that happens in every election though. France has a multi party system, and their voting is direct unlike our system.

My interest is more the economic effect of a socialist leader on the world economy



Quoting Aislinn:


 



Quoting rfurlongg:

Shameless bump....

How will this affect our upcoming election and current economy?

These votes seem more like a reactionary vote, rather than a conviction one.


 Kind of what happened in our last election?  lol I mean, we got the choice between sucky and sucky, but we elected a man who has very little experience, to run the free world, during a major crisis. Now, I am not saying McCain was any better or would have done any better, for that matter, but damn.. The American people should have demanded BETTER from BOTH parties.



 Everyone, in just about every Industrialized country, needs to be prepared for the worst. In my opinion, within the next ten years, the world will suffer a economic collapse. The way most government are conducting themselves is not sustainable. And, we have a multi party system, too. The government and media would like to ignore them, but they exist. I also disagree with " That happens in every election". The last election was historic. From the amount of money our president spent to become elected to the major shift in peoples politics because of their hatred for George Bush. So, sorry, there are many comparisons to be made here.Especially what the ending will be. We will all be suffering, equally.

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rfurlongg
by on May. 7, 2012 at 5:52 PM
I think it will effect our economy.

Quoting stormcris:

I hear Spain is look for a bailout. 

http://www.nytimes.com/2012/05/08/business/global/bank-chief-steps-down-as-spain-considers-rescue.html

I am not sure it will affect our elections until it affects our economy. 

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