Sarkozy could be next government leader in Europe to fall
The European debt crisis wrecking ball is not just destroying economies. It is smashing the careers of government leaders everywhere. Since Greece began its plunge into economic Hades almost two-and-a-half years ago, the prime ministers of Britain, Italy, Greece, Spain, Portugal and Ireland have all gone ungently into the night. France’s Nicolas Sarkozy could be next.
Now he’s on the defensive, trailing in the polls, and faces being trounced by an unlikely candidate, the bland (in comparison) François Hollande of the Socialist Party, while Marine Le Pen, of the xenophobic, anti-euro, extreme right Front National party, is coming on strong. Their wildly divergent views of what will fix France and the euro zone, or whether France should even use the euro, reflect the existential debate raging within almost every euro zone country. Never has skepticism about the euro project been greater or potentially more damaging to economic prosperity.
The platforms of the three top candidates are derivations of arguments that you might hear in any euro zone bar, where opinions about the merits of the euro are all over the map. Ms. Le Pen would yank France out of the euro. She considers it a failure and an affront to sovereignty. “Let the euro die a natural death,” she has said.
At the other end is Mr. Hollande. He is pro-euro zone, as is Mr. Sarkozy. Where he differs with Mr. Sarkozy is on how to save the euro. He wants the European bailout fund to be given the greatest amount of firepower possible and wants to see the launch of euro bonds, which would allow countries with punishing borrowing costs to hijack Germany’s triple-A rating. He also wants the European Central Bank to load up on the sovereign bonds of distressed countries. He argues that austerity should be diluted somewhat in favour of growth measures.
http://www.theglobeandmail.com/report-on-business/commentary/eric-reguly/sarkozy-could-be-next-domino-to-fall/article2326141/
A Socialist win will be better for France and better for Europe. I hope that Sarkozy continues his downward spiral.
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