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Hollande Won The Election
By David at 05/06/2012 - 23:43

You can’t believe this, François Hollande won the French presidential election on Sunday, capturing more than 51 percent of the vote to defeat incumbent Nicolas Sarkozy (who is the president since 2007, only captured 48.1 percent) and become France's new president. French television declared the election for Hollande immediately after the polls closed Sunday. Moments later, Sarkozy told his supporters that he called Holland to congratulate him, and to concede victory.
They both 57 years old. Hollande, the socialist challenger, very narrowly edged Sarkozy, in a preliminary election two weeks ago, but since he did not win with an absolute majority, France law required a runoff between the top two candidates.
Sunday's victory means France will have its first Socialist president since Francois Mitterrand, the country's president from 1981 to 1995. In voting Sarkozy out of office, French voters expressed their discontent over Europe's debt crisis.
So does it mean with Hollande's victory? What does it do to the Europe's debt woes? According to the Wall Street Journal,Hollande is a Socialist leader who has pledged to shift the burden of hardship onto the rich and resolve the protracted euro sovereign-debt crisis by softening the current prescription of austerity. With his victory over conservative incumbent Nicolas Sarkozy in the second and final round, Mr. Hollande won a mandate to challenge German Chancellor Angela Merkel, who has imposed spending cuts as the main remedy to repair the public finances of heavily indebted European countries.


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