France: Hollande’s True Colors Begin To Emerge

François Hollande hasn’t even been sworn into office and already he’s backpeddling on his campaign promises. Here’s the story from Reuters:

 “France’s Socialist president-elect Francois Hollande may use a summer audit of state finances to water down his generous campaign promises rather than risk a backlash from financial markets against stubbornly high deficits and rising debt.

 Advisers say he could even freeze some spending if the review turns up any nasty surprises, soothing investors who are worried he has become the figurehead for a fight against German-imposed austerity in the euro zone.” (“France’s Hollande may roll back spending promises”, Reuters)…

http://www.informationclearinghouse.info/article31298.htm

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