Austerity under focus after European elections
The Eurozone's austerity measures came under scrunity this weekend as markets reacted to elections in France and Greece.
In France, the socialist François Hollande who campaigned pledging to re-negotiate the austerity measures and stimulate economic growth, was elected to succeed Nicholas Sarkozy. Following his victory, Hollande said, “Austerity need not be Europe’s fate.”
Germany's chancellor Angela Merkel responded promptly, insisting that the fiscal pact, endorsed by out-going President Sarkozy was "not negotiable".