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Socialist Party Candidate Defeats Sarkozy In French Presidential Election

Nicolas Sarkozy has officially conceded defeat in France’s presidential race, meaning the next leader of the French Republic will be Socialist Party candidate Francois Hollande. Hollande was pushed into office by voters not necessarily because they wanted him in office, but because of growing anti-Sarkozy sentiment throughout the country.

In the first round of voting last month, Hollande beat Sarkozy by half a million votes, and successfully defeated him once again in today’s runoff election. Hollande’s victory will not only have an impact on French politics, but the politics surrounding the European debt crisis.

Hollande has promised more government spending and higher taxes — including a 75-percent income tax on the rich — and wants to re-negotiate a European treaty on trimming budgets to avoid more debt crises of the kind facing Greece. That would complicate relations with Germany’s Angela Merkel, who championed the treaty alongside Sarkozy.

Hollande will be sworn in on May 15th.

h/t msnbc.com

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