Socialist will probably defeat Sarkosy in France. Krugman says this is a good thing since Sarkosy supports the same economic orthodoxy that created the problem in the first place.
Europe’s demise will crush global markets this summer.
Incumbent presidents usually get re-elected so long as the economy is going well. The coming implosion in the Eurozone will impact the US economy badly and that means all bets are off for Obama’s chance for a second term.