Hollande promises to fight financial speculation | WPN World People News

Socialist Francois Hollande was sworn in as president of France on Tuesday in a low-key ceremony amid a debt crisis gripping the Eurozone.

Hollande, who became the first Socialist leader in 17 years to occupy Elysee Palace, in his first presidential speech promised to fight financial speculation and "open a new path" in Europe but admitted that he has inherited massive government debt.

The 57-year-old career politician has his plate full on his inauguration day. He was to dash off later in the day to Berlin to meet Chancellor Angela Merkel for urgent talks over their different visions on how to save the Eurozone bloc, form his cabinet, name his prime minister and also deliver a presidential address.

Hollande replaced the conservative president Nicolas Sarkozy. In a brief ceremony, Sarkozy handed over the levers of power including the country's nuclear codes and other secret dossiers to his successor. He then bid goodbye on the steps of the palace and left with his wife Carla Bruni-Sarkozy.

In an inaugural address to Socialist leaders, trade unionists, military officers, churchmen and officials, Hollande said: "Europe needs plans. It needs solidarity. It needs growth."

"I will propose to my European partners a pact that ties the necessary reduction of deficit to the indispensable stimulation of the economy," he said.

His talks with Merkel, the leader of Europe's biggest economy and France's key ally, will be keenly watched especially with Greece in political turmoil with no government formed.

Jean-Marc Ayrault, the head of the Socialists' parliamentary bloc who has strong contacts in Berlin, is widely tipped to be named as prime minister.

Hollande is to also eat his first lunch as president with Socialist former prime ministers Pierre Mauroy, Laurent Fabius, Michel Rocard, Edith Cresson and Lionel Jos.

Hollande is to travel to the US on Thursday for the G8 and NATO summits followed by a G-20 gathering and a European Council meeting in June.

Source: France News.Net