France’s New Socialist President. VIVE LA REVOLUTION?

Will France set themselves up to be the next big European Bailout ? One would think the last thing any European country needs at the moment is an extremist left-wing leader.   The Socialist favourite in France’s presidential election, Francois Hollande, has said top earners should pay 75% of their income in tax.  Huh ?

Hollande’s win represents a groundshift in European politics; with a socialist president, France will become the only major European country moving to the left instead of to the right in response to the economic downturn. Hollande has promised to raise taxes, lower retirement age, and boost spending levels.

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