Showdown in Europe

In his inaugural address today, new French President Francois Hollande called for a European pact for growth to balance out German-driven austerity measures.

"I will propose to our partners a pact that will tie the necessary reduction of our public debt to the indispensable stimulation of our economies."

But, according to Spiegel Online,

Europeans hoping that mounting international opposition will make her drop her austerity plan to save the euro -- a policy that is causing so much pain in ailing economies like Greece and Spain -- are likely to be disappointed, say analysts in Germany.