June 18th, 2012
08:27 PM ET

Gross on French election: "It's going to have consequences"

Where is the next battlefield in the Eurozone? Not Greece. Not Spain. CNN's Erin Burnett tackles why the French elections will have more impact to the American Economy.

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

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.


Filed under: Economic Strike Team • Economy • Euro • International • Politics
soundoff (One Response)
  1. Philippe Bazin

    I watched your segment on Hollande and the French election tonight. I am a French-born American and no supporter of Hollande, but I thought that piece was not up to your usual standard. Whoever did your research didn't do a good job. For the retirement age for instance, what Hollande and his socialist party want to do is to allow people who started working early in life to leave with their full social security pension once they have acquired the number of years or trimesters needed for retiring with a full pension once they reached 60. It's not that all French people will be able to retire at age 60. The same goes for the 35 hour week, which is NOT the number of hours that all French workers do, but the legal number of hours per week, above which people are paid extra hours or get additional days off. This said, I agree with you that the cost of hiring people in France is prohibitive and that will probably get worse with the new socialist government. Your guest was much more open and more understanding, because he knows France from the inside.
    Keep up the good work, but please make sure you get your facts right next time you do another European segment.

    June 18, 2012 at 11:03 pm | Reply

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