France's newly-elected President Francois Hollande waves from a balcony at his campaign headquarters in Paris May 7, 2012.
Credits: REUTERS/Jean-Paul Pelissier
Economies worldwide are trembling at the thought of a Socialist France, after François Hollande was elected into office on Sunday.
After a tumultuous five year tenure, filled with a high-profile marriage, economic turmoil, riots and violence, Nicolas Sarkozy is on the way out in France.
Showing their disapproval of the right-leaning Sarkozy, the French people elected a socialist for the first time since François Mitterand left office in 1995.
After the victory, Hollande told supporters that "Austerity can no longer be something that is inevitable".
Language such as that has sent global markets plunging, meanwhile Angela Merkel also laid down a dim view of France's economic future.
"The core of the discussion is about whether we are going to have programs for growth that are on the back of debt or programs for growth that are going to be sustainable," she said.
Sarkozy was a key player in negotiating austerity deals to keep Europe afloat, and with Hollande posing a sharp change from his predecessor, many are worried about the viability of the Eurozone's economy going forward.
Hollande officially won 51.62% of Sunday's vote, while Sarkozy took 48.38%. The two men finished on top of the first round of voting in April, leading to Sundsay's runoff.
Voter turnout was impressive, with more than 80% of registered voters casting a ballot, including 4.66% who handed in blank ballot papers, showing disdain for both candidates.