Sunday September 27, 2020

Hollande leads revolt against Merkel

French President Francois Hollande has lead the revolt against Germany’s austerity-first doctrine, winning better terms for Spain and Italy.

29th June, 2012
Francois Hollande

French President Francois Hollande led a revolt against Germany’s austerity-first doctrine for combating the financial crisis, winning easier aid terms for Spain and Italy in an effort to reshape the balance of power in Europe.

At the 19th European summit since the crisis broke out, Hollande pushed through the concessions by threatening to delay endorsement of a deficit-reduction treaty that German Chancellor Angela Merkel touted as one of her signature achievements.

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