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New president elected in France

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    What does Sarkozy oust mean for Europe?

  • Duration 2:21
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The French people woke up today to the prospect of -- new leader -- along defeated incumbent Nicholas Sarkozy to become the first French socialist president and seventeen years.

It was an extra hope.

And caution.

Good good.

But everything distance slides.

Shows little change.

Do you have any fears that perhaps it's -- much spending too much.

And that's my fear that he's not going to control public finances as he should have.

Or at CSU of the election do a lot of -- on a wave of anti austerity program sentiment in France.

He promised to tax the rich -- 5% provide more jobs and benefits and we negotiated tough European Union -- That anti austerity sentiment was expressed in -- while mainstream parties took -- drubbing in parliamentary elections there Sunday.

In all capitals along declared last night there are people who thanks to all of us have hope and watch us and want the end of austerity.

He also -- on a wave of sentiment against Sarkozy who has become the eleventh leader to lose their jobs since the start of economic problems in Europe.

It was also -- rejection of Sarkozy is flashy and aggressive approach doesn't it look like is Dianne his personality.

-- gun show we.

Escorting the people still the French and European business -- didn't seem to like a loans approach today either.

Stock markets and -- -- were initially down.

They rebounded as the day went on experts say -- as a product of the French political establishment and could be more pragmatic in office.

They also say with tight European Union economic restrictions he won't be able to relax too much.

There is next to no room for maneuver for the next French governments and young and presidents for -- going on.

One of -- first foreign meetings is set to be with Germany's Chancellor Angela Merkel a key figure in dealing with European economic wounds.

Announced before the new French leader goes on to NATO and G-8 summits in the states.

Later this month he too will probably look for reassurances.

From the Frenchman on a range of economic and security matters.

One possible topic of discussion.

-- pledged to bring French troops home from Afghanistan.

Earlier than planned.

Greg -- that streaming live from Paris early Tuesday morning Greg.

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