May 6, 2012
A New President

France has a Socialist President for the first time in nineteen years.

Francois Hollande defeated Nicolas Sarkozy, 51.2% to 48.20%, with about 20 percent of the population abstaining, and 80% voting.

I went to Sarkozy headquarters at the invitation of the campaign to watch the results. This was actually anti-climactic, as in France, the polls close at 6:00 p.m., a commission certifies the vote soon after, and the election result is announced on antional television at 8:00 p.m. That's it.

I don't know how they do it, but it takes the suspense out of the proceedings.

Sarkozy received his highest scores in the Alpes-Maritimes departement and the highest scpres from Nice, among French cities.

Sarkozy spoke briefly about an hour after the results were announced, asking that the results be respected and that his supporters conduct themselves in a way worthy of France. He then thanked everyone, telling the crowd that he was leaving politics and that he wanted everyone who supported him to know that he was in their debt for they had given to him so much. He spoke of the values of France and said that despite the defeat, no one ought to think that those values have gone by the wayside.
At one point the crowd drowned him out. and he paused to ask them to let him speak. He smiled throughout his remarks, the wistful smile of a man whose political career is over.

In front of Socialist Party headqaurters on rue Solferino in Paris, and in Correze, where Francois Hollande is a local leader, the crowds were out in force, shaking champagne bottles, shouting and jumping up and down --all the sorts of things victors in elections do.

Tomorrow the markets will make their first comment on tonight's results.