France: Hollande in, Ferraris out

French socialist Francois Hollande has won a clear victory in the country’s presidential election.

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

The president-elect — who campaigned on the promise of spending more and who, 30 minutes ago, stated forcefully that he was a “socialist” — said that he expects much of Europe to “breathe a sigh of relief” in view of his election to the French presidency and that the European Union will not be all about austerity from now on.

The Ferrari owners are breathing the air in Switzerland,

This photo of a fleet of Ferraris purportedly fleeing to the Swiss border captures the feeling of many rich French people today. The socialist candidate François Hollande has defeated incumbent Nicolas Sarkozy — the first time a socialist has been elected President of France [since] the Mitterand years.

Won’t be the first time that money flees France after a Socialist victory.

UPDATE,
American Power is also blogging on France.