Mon Dieu! Hollande Unseats Sarkozy

Yesterday, current president of France Nicolas Sarkozy lost his bid for reelection as he was defeated by Socialist challenger Francois Hollande by a margin of 51.62% to 48.38%.

Hollande originally defeated Sarkozy 28.63% to 27.18% in an election held on April 22.  Because neither candidate received a majority of votes, a run-off election was held.

Sarkozy, who has held office since 2007, has become wildly unpopular in the last couple years as the global recession has hit France, as well as many other countries in the European Union.  Sarkozy was a proponent of the austerity measures (cuts in government spending and services) championed by German Chancellor Angela Merkel.

These measures have been widely debated by the countries in the EU.  Supporters say that many European governments have unsustainable spending practices and have accumulated too much debt, while opponents say that increased government spending will help stimulate economic growth.

Hollande has proposed several ways to jump-start the sluggish French economy, including raising taxes on corporations and people who earn one million euros or more.  He also wants to add 60,000 teachers and lower the age for retirement from 62 down to 60.

Sarkozy will hand power over to Hollande on May 15th.