May 7, 2012
Francois Hollande has defeated Nicolas Sarkozy in the French presidential runoff, making him the latest EU leader to be swept aside by the crippling debt crisis. Among the first steps the President-elect is planning, is to push back against German-led austerity measures. Chancellor Angela Merkel has already invited Hollande to Berlin for talks.
Asia Times roving correspondent, Pepe Escobar, says clashes over Hollande’s foreign policy are expected both in Europe and overseas, especially from key quarters in America because of his views on phasing out the US Dollar as the world reserve currency.