A new Europe?

Have the elections in France and Greece broken the consensus over the direction of the EU and the eurozone in particular?  Or is it smoke and mirrors?  Germany is worried by the changed political landscape, but what did it expect after its insistence on imposing austerity; the thanks of grateful electorates?

http://www.telegraph.co.uk/finance/comment/rogerbootle/9249466/Europe-has-reached-a-watershed-moment-and-leaders-need-to-refocus.html
See my previous post.

http://www.telegraph.co.uk/finance/financialcrisis/9249711/Markets-braced-for-shift-away-from-austerity-as-Francois-Hollande-wins-French-election.html

http://www.bbc.co.uk/news/world-europe-17979913

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9249598/Francois-Hollande-has-ten-weeks-to-avert-a-French-bond-crisis.html

http://www.telegraph.co.uk/news/worldnews/francois-hollande/9249744/France-elections-2012-Francois-Hollande-victory-sets-EU-on-course-for-turmoil.html

http://www.telegraph.co.uk/news/worldnews/francois-hollande/9249754/France-election-2012-Francois-Hollande-to-be-greeted-by-market-turmoil.html


As was to be expected, the German response to events in Greece and France is depressing.

http://www.spiegel.de/international/europe/three-key-elections-pose-dangers-for-merkel-a-831356.html

http://www.spiegel.de/international/europe/greek-voters-face-dilemma-in-sunday-s-election-a-831432.html

http://www.spiegel.de/international/europe/french-voters-elect-fran-ois-hollande-as-next-president-a-831654.html

http://www.spiegel.de/international/europe/greeks-clearly-reject-austerity-in-sunday-elections-a-831678.html

http://www.spiegel.de/international/germany/merkel-s-party-suffers-setback-in-german-state-election-a-831656.html

http://www.spiegel.de/international/europe/french-greek-and-schleswig-holstein-elections-show-risks-ahead-for-merkel-a-831671.html

http://www.spiegel.de/international/europe/as-president-hollande-will-have-no-choice-but-to-disappoint-french-a-831667.html
See also:  http://www.spiegel.de/international/europe/0,1518,830090,00.html  Interesting meetings ahead!


UPDATE:

http://www.telegraph.co.uk/news/worldnews/francois-hollande/9250062/Stock-markets-fall-as-Greek-and-French-elections-renew-fears-that-Europe-cannot-solve-debt-crisis.html

http://www.telegraph.co.uk/news/worldnews/europe/france/9250122/Francois-Hollande-defies-critics-to-fulfil-his-destiny-at-last.html

http://www.spiegel.de/international/europe/analysis-of-election-victory-of-french-president-fran-ois-hollande-a-831762.html

http://www.telegraph.co.uk/news/worldnews/francois-hollande/9250187/France-election-Germany-rules-out-reworking-EUs-fiskalpakt.html

http://www.bbc.co.uk/news/world-europe-17975370
Greece must stick to bailout terms day EU and Germany.  Now there's a surprise.

http://www.spiegel.de/international/europe/german-press-review-of-hollande-election-in-france-a-831773.html

http://www.spiegel.de/international/europe/chancellor-merkel-wants-to-teach-president-hollande-merits-of-austerity-a-831845.html

http://www.spiegel.de/international/europe/europe-needs-to-reform-its-banking-sector-a-831712.html
Too little, too late?

http://www.telegraph.co.uk/finance/financialcrisis/9250840/German-Chancellor-Angela-Merkel-faces-a-fight-for-the-eurozones-future.html
"But providing a mixture of austerity and growth that would keep the eurozone intact and the markets happy is comparable to seeing pigs take to the sky."


http://www.telegraph.co.uk/finance/financialcrisis/9250986/New-eurozone-crisis-looms-as-Spain-prepares-bail-out.html
This has been threatening for months.