Socialist Party candidate, Francois Hollande has defeated Nicolas Sarkozy in the French presidential runoff, making him the latest EU leader to be swept aside by the crippling debt crisis. Among the first steps President-elect Hollande is planning, is to push back against German-led austerity measures.
Moreover, Asia Times correspondent, Pepe Escobar argues, Hollande wants a strategic partnership with the BRICS countries. Like the BRICS group, Hollande wants an end to the dominance of the US dollar in the global financial system. Escobar predicts major fireworks inside Europe and across the world, as Hollande is likely to support the BRICS' proposal for a basket of currencies.
Editor's Note: For more from Escobar on the French Election, you might be interested in the column he produced for Asia Times Online: Off with King Sarko's Head. To learn more about the incoming French president, you migh like to read François Hollande, France’s Tony Blair? by Phillipe Marliere writing for Counterpunch.