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Booted from office because of public anger

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by :- ManiKrishnan Zurich (Independent Forex Consultant) kmany2112@yahoo.com

Booted from office because of public anger

Nicolas Sarkozy, defeated Sunday in France’s presidential runoff by Socialist challenger Francois Hollande, joins a series of European leaders booted from office because of public anger over government spending cuts and economic crisis. Almost every crisis-hit European country that has held an election since disaster struck in 2009 has thrown out its leader.

Market participants are not surprised that the change in the second largest EZ country from pro-austerity supporter Mr. Sarkozy to more moderate policies from the newly elected president Mr Hollande. He has vowed to re-negotiate a deal on government debt in member countries.

Greece elections – Two main parties falling short of minimum seats
Early projections showed the two main parties, namely conservative New Democracy and socialist PASOK, which approved the second EU – IMF bailout package, were falling short of the minimum 151 seats needed to govern in the 300-seat Parliament.

FOREX – PANIC SELLING EUROS, GBP, GOLD, AUSSIE = USD STRONG