Buh-bye, austerity jackal!

In Greece today:

Governing parties backing EU-mandated austerity in Greece are on course for a major drubbing as hard-hit voters, venting their fury in elections, defected in droves, according to exit polls.

In a major upset that will not be welcomed by the crisis-plagued country’s eurozone partners, the two forces that had agreed to enact unpopular belt-tightening in return for rescue funds appeared headed for a beating, with none being able to form a government.

After nearly 40 years of dominating the Greek political scene, the centre-right New Democracy and socialist Pasok saw support drop dramatically in favour of parties that had virulently opposed the tough austerity dictated by international creditors.

[...]

“That agreement now belongs to the past. It has been delegitimised,” said Panaghiotis Lafazanis, a prominent Syriza MP. “Our strong showing sends a message especially to Europe that Greeks have rejected austerity.”

In France today:

Socialist Francois Hollande has won a clear victory in France’s presidential election.

Mr Hollande – who got an estimated 52% of votes in Sunday’s run-off – said the French had chosen “change”.

[...]

The socialist candidate has promised to raise taxes on big corporations and people earning more than 1m euros a year.

He wants to raise the minimum wage, hire 60,000 more teachers and lower the retirement age from 62 to 60 for some workers.

Mr Hollande has also called for a renegotiation of a hard-won European treaty on budget discipline championed by German Chancellor Angela Merkel and Mr Sarkozy.

Obama, are you listening?