Manhattan Institute for Policy Research.
search  
 
Subscribe   Subscribe   MI on Facebook Find us on Twitter Find us on Instagram      
 
 
   
 
     
 

National Review Online

 

'Freece'

June 18, 2012

By Nicole Gelinas

Europe had a momentous election yesterday. But it wasn’t in Greece. It was in France.

Greeks narrowly chose the "pro-bailout" party, the headlines trumpet. But that’s no surprise. The Greek public has consistently said that it wants to stay in the euro. But nobody in power, whether in Greece or in Brussels or in Berlin, has shown exactly how Greece can do so without suffering under crushing deflation and depression, which people don’t like so far.

The election didn’t change that impossible equation — nor did it change the fact that Greece is small. If the euro can’t survive a Greek pull-out at this point, it can’t survive much.

The real news was in France, where new president François Hollande booked a big victory, gaining control of Parliament by a comfortable margin.

The voters’ choice shows that the French people didn’t elect Hollande because they were understandably tired of Nicolas Sarkozy. The French people elected Hollande in large part because they don’t want austerity. Bowing to this reality, one of Hollande’s first acts was to rollback modestly an equally modest pension cut.

France is not small — and how France behaves now under a socialist government matters more to the euro than whatever happens or doesn’t happen in Greece.

Original Source: http://www.nationalreview.com/corner/303165/freece-nicole-gelinas#

 

 
PRINTER FRIENDLY
 
LATEST FROM OUR SCHOLARS

Unemployment Is Dropping, Thanks To A Republican Policy That Obama Opposed
Avik Roy, 03-02-15

The Veterans Independence Act: Giving Vets A Way Out Of Socialized Medicine
Avik Roy, 02-26-15

A Navy Seal's PTSD RX: The Great Books
Howard Husock, 02-26-15

Budget Wars Threaten Basic Science And Future Innovation?
Mark P. Mills, 02-25-15

Why Eric Holder Won't Let Go Of Ferguson
Jason L. Riley, 02-24-15

Affordable For Whom: How Robust Is De Blasio's Housing Plan?
Nicole Gelinas, 02-24-15

DC Streetcars Don't Just Combust --- They Also Congest
Alex Armlovich, 02-23-15

Jamming Up LaGuardia: Andrew Cuomo's Airport Meddling
Nicole Gelinas, 02-22-15

 
 
 

The Manhattan Institute, a 501(c)(3), is a think tank whose mission is to develop and disseminate new ideas
that foster greater economic choice and individual responsibility.

Copyright © 2015 Manhattan Institute for Policy Research, Inc. All rights reserved.

52 Vanderbilt Avenue, New York, N.Y. 10017
phone (212) 599-7000 / fax (212) 599-3494