Francois Hollande wins French presidential elections
May 7 , 2012
Francois Hollande has been elected as France’s new president.
The Socialist received 52 percent of the votes in Sunday’s runoff based on early projections. That compares to 48 percent for centre-right incumbent Nicolas Sarkozy.
Hollande capitalised on the country’s economic woes by promising to raise taxes on large corporations and individuals earning more than 1 million euros a year.
He also plans to raise the minimum wage and lower the retirement age from 62 to 60 for some sector employees.
Pundits believe the outcome will also have great implications for the eurozone as Hollande as promised to revise a deal on the debt of member nations.
This is the second time since the start of France’s Fifth Republic in 1958 that an incumbent president has failed to be re-elected.
The last was in 1981 when Valery Giscard d’Estaing lost to socialist Francois Mitterrand.
Hollande is due to be inaugurated as president later this month.