[CaseyFan]

By Peter Allen: 11:27 GMT, 15 May 2012



Francois Hollande was this morning sworn in as the new Socialist President of France - before getting drenched on an embarrassing
open-topped drive up the Champs Elysee.

The 57-year-old was inaugurated in a simple ceremony at the Elysee Palace in Paris, nine days after defeating the conservative Nicolas Sarkozy
in a nationwide election. But it was during his 'triumphant' drive up France's most famous avenue that everything started to go wrong.

As he poked his head out of the sunroof of a Citroen DS5, heavy rain started to pour, and there was no effort made to pull back the sunroof.

Hollande intends to reform France by increasing taxes by up to 75 per cent, and by pouring millions into public services. His left-wing agenda
saw Mr Sarkozy warn that Hollande will 'bankrupt the country' within a few months.

On being sworn in, Mr Hollande, France's first Socialist head of state for 17 years, immediately turned his attention to Europe, urging others
to reform the European 'fiscal pact'.

In a bid to calm global financial markets, which yesterday hit a four-month low and saw £28.5billion wiped off the FTSE-100 over rising fears
Greece could soon exit the single currency, he will try to renegotiate the EU's currently austere fiscal treaty to include growth measures.

His plan is in stark contrast to Merkel's and experts say the fate of the eurozone may rest on whether they can reach a compromise.

Hollande will give his first presidential news conference in Berlin this evening, with his first words as president keenly watched by financial
markets eager for reassurance. Europe's financial markets are currently relatively stable, despite yesterday's cataclysmic events.