"Mr. Hollande’s campaign promised a kinder, gentler, more inclusive France, but his victory over President Nicolas Sarkozy will also be seen as a challenge to the German-dominated policy of economic austerity in the euro zone, which is suffering from recession and record unemployment.
French voters may not like the belt-tightening, but both Mr. Hollande and Mr. Sarkozy had promised to balance the budget in the next five years. Domestically, the vote was considered to be a rejection of Mr. Sarkozy and his effort to appeal to the voters of the far right National Front. Mr. Sarkozy is the first incumbent to be ousted since Valéry Giscard d’Estaing lost to Mr. Mitterrand in 1981."
http://www.nytimes.com/2012/05/07/world/europe/hollande-and-sarkozy-in-crucial-runoff-in-france.html?pagewanted=1&_r=1&hp
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