Massive election defeat for Hollande's party

French President Francois Hollande names Manuel Valls his new prime minister after his Socialist Party suffered an unprecedented defeat in local elections. ”In voting or in abstaining, you expressed your unhappiness and discontent, and I’ve heard you," says Hollande.

With Hollande the country's least popular president in half a century, the Socialists lost control of a record 151 towns with populations of more than 10K. Hollande's government has tried to rekindle France's sluggish economy, but has chosen the curious combination of spending cuts and tax/fee boosts to do so.

Still a Socialist, Valls seems a bit more business-friendly and has called for ending the 35-hour workweek and for the government to raise the minimum retirement age.

EWQ +0.1% on the session, +2.7% YTD.

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Comments (4)
  • wigit5
    , contributor
    Comments (4365) | Send Message
    Who would have thought there would be some buyers remorse there?
    31 Mar 2014, 03:53 PM Reply Like
  • omarbradley
    , contributor
    Comments (966) | Send Message
    they need to prepare themselves for war.
    "with friends like these who needs enemies."


    the loss of Ukraine proper would be devastating to France. And what is US policy in the region again? "Wall Street supporting Russia"? Hmmmmm. "And that's a surprise"?
    31 Mar 2014, 04:08 PM Reply Like
  • stocknerd
    , contributor
    Comments (1503) | Send Message
    It doesn't matter who is president of France, the economy is sinking. I love the ardent capitalist who think----boy am I tired of this dead argument---that lowering taxes is the way to prosperity. Trickle down has never worked. George W Bush tried it and it failed. Once again, it doesn't matter who is the president of France he/she fails.
    31 Mar 2014, 04:08 PM Reply Like
  • PeteCal
    , contributor
    Comments (90) | Send Message
    Unprecedented defeat?
    Anybody remember Waterloo?
    1 Apr 2014, 08:54 AM Reply Like
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