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June 18th, 2012
06:40 PM ET

France elections: Socialist's grip on power brings fears of Eurozone crisis

In France, the Socialist party has a tighter grip on power with their latest election victory.

New French President Francois Hollande's party is against austerity measures and would likely lower the nation's retirement age from 62 to 60. Former British Prime Minister, Gordon Brown says France may be the next European nation to need a bail out.

Is France next to be at the center of the European financial crisis?

Bill Gross, Founding & Managing  Director of PIMCO and member of the OutFront Economic Strike Team comes OutFront.

Tune to Erin Burnett OutFront at 7p/11p ET.

France's Hollande tightens grip on power with election win

New French President Francois Hollande tightened his grip on power Monday as the Interior Ministry confirmed that his Socialist party and its allies won an absolute majority in parliamentary elections Sunday.

Hollande allies claimed 314 seats in the 577-member National Assembly - the lower house of the French parliament - according to early confirmed results by the French Interior Ministry.

The results signal a clear French shift to the left, bolstering Hollande's position to push through an anti-austerity agenda after years of government budget cuts.

Former President Nicolas Sarkozy's conservative UMP party experienced its biggest losses since 1981, winning just 229 seats.

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Filed under: International • News
soundoff (One Response)
  1. thomasvincentahearn

    Well, I've never seen the likes of this, a government that believes that the way out of a recession is counter-cyclical spending and growth? It's madness, sir, and it will not stand! Raising the minumum wage to stimulate demand creates a cycle of consumerism that will only end in a diminishment of the suppy of the very goods businesses cling to. Lowering the retirement age will create a shortage of labor, leading to even HIGHER WAGES!!! So, in France, you're expected to work for a increasing wage and retire comfortably at an early age? You're never gonna see anything like that here in the good ole USA, USA, USA! No wonder they live so long, THEIR GOVERNMENT ENCOURAGES IT!!! It's like the "Bizzaro" world from the Superman comics-did you ever read those? They were great, right? Even though before the comic-book code they were sending secret messages, afterwards they were even better, alot more flying around and being super and all that. You know, the thing I never got was how Lois Lane could never figure out Clark Kent was Superman-it's the same face with glasses on! She was a reporter for krissakes! That kind of ruined it for me... We sure could use Superman now though...You ever wish that reality was fiction? Me, too! It would be great to just make things up and, if you could get enough people to play along, reality wouldn't matter after a while. So, Hollande's girlfriend is a reporter, huh? Naw....it couldn't be.

    June 18, 2012 at 10:06 pm | Reply

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